The current sentiment towards Dogecoin (DOGE) appears bullish, and it seems poised for a massive upside rally due to the formation of bullish price action and Elon Musk’s recent views on the Department of Government Efficiency (DOGE). These factors appear to be shifting the market sentiment that DOGE has been witnessing.
Elon Musk and Blockchain Technology
Recently, Elon Musk, the billionaire founder of SpaceX and Tesla, revealed that he is exploring blockchain technology to make the DOGE department more efficient and to track government performance. Musk’s thoughts have gained significant attention from crypto experts and analysts.
Looking at this, Cardano blockchain founder Charles Hoskinson posted on X (formerly Twitter) and stressed, “I’m thinking this is a job for a triumvirate of Cardano, Bitcoin, and Midnight. Yo, Dogemaster Elon Musk, give us a call. We’ll do it for free.”
This post on X has gained widespread attention from crypto experts and further indicates how this could benefit the overall cryptocurrency market in the long run.
Current Price Momentum
Despite these positive developments, DOGE is currently trading near $0.354 and has witnessed a price surge of 1.35% in the past 24 hours. During the same period, its trading volume dropped by 30%, indicating lower participation from traders and investors compared to the previous day.
Dogecoin (DOGE) Technical Analysis and Upcoming Levels
According to expert technical analysis, DOGE appears bullish, as it is currently at a crucial support level provided by the trendline and is also poised for an inclined trendline breakout on the four-hour time frame. Since December 2024, DOGE has taken support from this trendline four times, and each time, it has witnessed impressive upside momentum.
Looking at the historical price momentum, experts are expecting a similar kind of upside momentum. Based on the recent price action, if DOGE breaches the trendline and closes a four-hour candle above the $0.365 level, there is a strong possibility it could soar by 20% to reach the $0.43 level in the future.
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