Dogecoin price shows a modest 0.12% surge to $0.095 during the less volatile weekend. Along with the market upswing, the DOGE price recently bounced from the $0.09 floor as Billionaire Elon Musk shared a post on X about the Department of Government Efficiency with the D.O.G.E acronym. However, the sustainability of this recovery remains uncertain as DOGE approaches a multi-month resistance.
Dogecoin Price Climbs on Trump-Musk Collaboration
Former U.S. President Donald Trump announced during his Thursday speech at the Economic Club of New York that, if re-elected, he plans to establish a government efficiency commission in collaboration with Tesla founder Elon Musk.
In agreement with this proposal, Musk has actively promoted the idea of a government efficiency commission on X (formerly known as Twitter) with a post showcasing an AI-generated image of him and the acronym D.O.G.E.
The tweet triggered a sudden pump in DOGE price to hit a $0.095 high on Friday. However, this upswing may lack sustainability as the asset trades close to the multi-month resistance trendline at $0.1.
According to Intotheblock analytics, the potential buyers could face supply pressure from nearly 16 Billion DOGE from 242.8k Addresses before the $0.1 breakout. The holders, as mentioned earlier, are currently in a loss and could sell their asset at breakeven,
DOGE Price Awaits Major Breakout
Since last month, the Dogecoin price has traded between $0.115 and $0.091 at horizontal levels. This consolidation may reflect a lack of initiation from buyers or sellers, but the broader chart analysis shows the formation of a falling wedge pattern.
The chart pattern leads to a steady downtrend within two converging trendlines before the buyers give a massive breakout. By press time, the DOGE price trades at $0.095, while the market cap boosted to $13.9 Billion.
If the bullish momentum persists, the coin price could jump 5% before challenging major resistance from the overhead trendline. If sellers continue to defend this dynamic resistacne, the Dogecoin price could revert and chase $0.08 support.
Moreover, the dog-themed coin trading below the daily EMAS (20, 50, 100, and 200) hints the path to lead resistance is down.
DOGE/USDT 1d Chart
On the contrary, a bullish breakout from the wedge pattern will accelerate the bullish momentum and set Dogecoin price prediction to $0.11, followed by $0.144,
Frequently Asked Questions (FAQs)
The recent surge in Dogecoin price, reaching $0.095, was triggered by Elon Musk’s tweet promoting the Department of Government Efficiency (D.O.G.E.)
Dogecoin is facing a key resistance level at $0.1, with potential supply pressure from nearly 16 billion DOGE held by 242.8k addresses
Dogecoin is showing a falling wedge pattern, typically a bullish indicator
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Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.