Was the Dogecoin Price Rally Just Started by Elon Musk? Next Steps After DOGE Breaks $0.10?

As a result of traders wondering whether Elon Musk's recent remarks would trigger a fresh DOGE price spike, the price of Dogecoin (DOGE) has climbed back over $0.10 for the first time in more than a week.

A new joke currency that is similar to Dogecoin has been promoted by Elon Musk over the last several weeks.


The X owner and Tesla CEO is reportedly amenable to the idea of joining a Trump cabinet in the future.

The term DOGE stands for "Department of Government Efficiency," the name of the new department he would lead.

According to CoinMarketCap, DOGE's price has increased 5% in the last week. Dogecoin enthusiasts are hopeful this is the beginning of a fresh price boom.

The Dogecoin Price Must Crush This Crucial Level of Resistance
However, the price of Dogecoin must decisively surpass a critical resistance level before the bulls can seize control of the market.


At about $0.1050, where the 50-day moving average and a downward trend from the March highs meet, is where the relevant level lies.

A quick retracement to the $0.14s, the all-time highs set in July, and, ultimately, the $0.22s, might be in store if this level is broken.

Was the Dogecoin Price Rally Just Started by Elon Musk?
As a result, Dogecoin's price could be poised to see rapid 2x growth.

However, there are meme coin traders that are hoping for a 50x or 100x increase in value.

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