Dogecoin's price has increased by approximately 8.50% in the last 24 hours, reaching $0.136 on October 18, marking its highest level in three months. This rally follows general gains in the cryptocurrency market and relates to recent comments made by Elon Musk during a town hall meeting, where he endorsed Donald Trump for the presidential election. Musk's reference to a government agency named the Department of Governmental Efficiency, with the initials D.O.G.E., ignited enthusiasm among Dogecoin supporters. This comes after Musk's remark that ‘D.O.G.E. will fix it’ regarding regulatory challenges faced by SpaceX. As a result, Dogecoin has seen a notable surge, rising nearly 25% week-to-date. Additionally, technical analysis indicates that Dogecoin has broken out of a falling wedge pattern, with targets set near the 0.786 Fibonacci level by year-end. However, the daily relative strength index suggests potential overbought conditions, hinting at possible consolidation or correction in the near future.

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