The Dogecoin price has soared 94% in the past week, despite falling 1.7% in the last 24 hours, to trade at $0.39 as of 7:40 a.m. EST on a 15% drop in trading volume to $34 billion.
The run up in the DOGE price comes as US President-elect Donald Trump announced yesterday that he has selected Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy to head a new Department of Government Efficiency (DOGE.)
President Donald J. Trump announces the Department of Government Efficiency (DOGE) — headed by @elonmusk and @VivekGRamaswamy pic.twitter.com/Ya2o45qlV8
— Trump War Room (@TrumpWarRoom) November 13, 2024
In his announcement, Trump stated, “Together, these two remarkable individuals will lead my administration’s efforts to dismantle government bureaucracy, reduce unnecessary regulations, cut wasteful spending, and restructure federal agencies.”
The new department uses the acronym DOGE after Musk’s favorite meme coin.
Dogecoin Price Spikes Within A Parabolic Curve
The DOGE/USD pair shows a sharp, parabolic rise in Dogecoin price, moving from a support zone around $0.05 to a high of $0.4151. Currently, DOGE is trading around $0.3827, reflecting significant bullish momentum. The price has surged well above the 50-day (blue line) and the 200-day (green line), indicating a strong uptrend.
This wide gap between the price and moving averages indicates an overextended market, which may increase the pullback risk. The parabolic curve (marked with a yellow-dotted line) signals accelerated buying activity. However, parabolic moves can sometimes precede sharp corrections, so rapid upward trends are often unsustainable in the short term.
DOGEUSD Analysis Source: Dextools.io
Dogecoin Price Bullish Technicals Signal A Slight Pullback
The MACD (12, 26, close 9) is currently bullish, with the MACD line at 0.0541, well above the signal line at 0.0314. This reflects strong positive momentum, but the MACD histogram has reached high levels, which could indicate the possibility of an overbought condition.
Additionally, the Relative Strength Index (RSI) is at 92.05, far above the typical overbought threshold of 70. This indicates that DOGE may be overbought, and a retracement or cooldown in price could be likely. While the trend remains bullish, the overbought RSI and the large gap from the moving averages suggest caution, as a price correction might be on the horizon.
Dogecoin Price may likely see some profit-taking, leading to a decline or at least a period of consolidation as the market digests the recent gains.
If a pullback occurs, the price might retest support levels closer to the previous breakout zone, potentially around $0.25 or even down to the $0.20 level. These areas could act as initial support zones where buyers may step in.
On the upside, if the bullish momentum continues and DOGE can hold above $0.35, it might attempt another rally toward recent highs around $0.41 or higher.
Best Wallet Presale Blasts Past $217k
As the Dogecoin price catches its breath, investors seeking diversification can take a look at the the new Best Wallet (BEST) presale, a leading non-custodial Web3 crypto wallet.
BEST amassed $162k in sales in six hours after launching its private sale on Nov. 12, and has now surged past $217k in funding.
Best Wallet is not just a Bitcoin wallet but an expanding ecosystem that includes the Best Wallet app, Best DEX, and the upcoming Best Card.
The Wallet introduces innovative features, including its “Upcoming Tokens” tool, which allows users to access exclusive token presales of some of the industry’s most promising projects, including the Pepe Unchained ($PEPU) presale that has already raised more than $28.1 million.
No more missing out on early-stage #crypto projects! 💸
With Best Wallet’s Upcoming Tokens feature, you can easily browse, learn, and buy presale tokens directly from the app!
Download now! 👉 https://t.co/he5kzra7TY pic.twitter.com/ZcNZ1b6Up1
— Best Wallet (@BestWalletHQ) October 26, 2024
It also provides unmatched convenience, enabling users to invest and manage their investments directly within the Best Wallet app.
Additionally, Best Wallet offers some of the most favorable exchange rates for swaps, connecting to over 200 decentralized exchanges (DEXs) and 20+ cross-chain bridges.
Best Wallet also excels in off-ramping capabilities through partners like Alchemy Pay, MoonPay, and others. It allows users to convert crypto into over 100 fiat currencies (e.g., USD, EUR, GBP) and deposit funds directly into their bank accounts, all seamlessly within the app.
Since its debut, Best Wallet has handled over 21,000 presale transactions, with user growth up 810% and monthly increases of 50%. It also offers benefits like reduced fees, early access to new projects, enhanced staking rewards, and daily airdrop tasks for additional earnings.
Did you know? You can earn $BEST tokens by completing daily airdrop quests! 💸💸💸
The more points you stack, the more $BEST you will receive! Get access to exclusive features and reduced fees when the token launches. 🔥
Remember, daily quests reset everyday at midnight. Don't… pic.twitter.com/APEuMjfNZZ
— Best Wallet (@BestWalletHQ) November 9, 2024
In addition, Best Wallet is now offering the chance to buy $BEST at a significant discount. All investors need to do it is download the app itself and buy the token via the Upcoming Tokens tool. The offer is available for a limited two-week period.
$BEST tokens are priced at $0.02255 right now. With the price set to increase in less than 2 days, buy now for the best deal.
Download Best Wallet and then buy BEST at the official $BEST Token website here.
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