Following a significant 105% surge in price, the sentiment surrounding Dogecoin (DOGE), the renowned meme coin, has shifted. Despite this shift, it seems that DOGE is gearing up for another upward rally. The overall cryptocurrency market is currently facing challenges in gaining momentum and has seen a noticeable price correction after recent gains.
Elon Musk’s Recent Contribution to Dogecoin
DOGE has attracted considerable attention after Elon Musk made a notable contribution to Donald Trump’s presidential campaign. During this time, Trump introduced a new department called the “Department of Government Efficiency,” abbreviated as DOGE.
Since Trump’s election as President of the United States, DOGE has garnered significant attention and investment from traders and investors. Trump recently announced that Musk and Vivek Ramaswamy would oversee the D.O.G.E. department.
Despite this announcement, DOGE prices have remained stable, with no major rallies or declines observed by investors and traders.
Current Price Momentum of DOGE
Currently, the meme coin is trading around $0.35, experiencing a 10% decline in price over the past 24 hours. Additionally, its trading volume has decreased by 30%, indicating reduced participation from traders and investors as the price consolidates within a narrow range.
Technical Analysis and Key Levels for Dogecoin
Expert technical analysis suggests that DOGE is currently at a critical support level of $0.35, with a potential major price decline looming 3% away in the coming days. Based on recent price movements and historical momentum, DOGE is consolidating within a tight range between $0.35 and $0.41.
If DOGE breaks below the lower end of the consolidation range and closes a daily candle below $0.35, there is a high chance of a significant decline in the near future.
Conversely, a bullish momentum could emerge if DOGE surpasses the upper boundary of the consolidation zone and closes a daily candle above $0.41.
These key levels play a crucial role for DOGE, allowing traders and investors to anticipate a potential rally based on its recent price trends.
