Dogecoin’s price has surged over 75% in October, reaching $0.172, spurred by mentions from Elon Musk at a political rally. The cryptocurrency has broken out of a symmetrical triangle pattern active since April 2021, which often indicates a continuation of the previous trend. Historically, such breakouts have led to significant price increases, with Dogecoin previously experiencing a remarkable 31,375% rise following a similar breakout in late 2020. Applying technical analysis from the current situation suggests Dogecoin could target prices around $1 to $2, with a potential for future rallies of 500-1000%. Key indicators supporting this bullish outlook include a rebound in Dogecoin’s weekly relative strength index (RSI) from a historical support level. Should Dogecoin fail to maintain its breakout and fall below critical levels, it could drop to the $0.09-0.07 range. The growing association between Musk and political figures, particularly Trump, may further enhance Dogecoin's appeal to a retail audience should Trump succeed in the upcoming election, echoing past trends that fueled price increases during the 2020-2021 cycle.

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