The current sentiment towards Dogecoin (DOGE) appears to be bullish, and appears set for a massive bullish 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 changing the market sentiment witnessed in DOGE.
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 track government performance. Musk’s ideas received great attention from cryptocurrency experts and analysts.
Given this, Charles Hoskinson, founder of the Cardano blockchain, posted on
This post on X has received widespread attention from cryptocurrency experts and also points out 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 seen a price rise of 1.35% over the past 24 hours. During the same period, trading volume decreased by 30%, indicating lower participation by traders and investors compared to the previous day.
Dogecoin (DOGE) technical analysis and upcoming levels
According to the technical analysis of experts, DOGE appears to be bullish, as it is currently located at a crucial support level provided by the trend line and is also preparing to break out of the slanting trend line on the four-hour time frame. Since December 2024, DOGE has received support from this trend line four times, and each time, it has seen impressive upward momentum.
Given historical price momentum, experts expect a similar type of upward momentum. Based on the recent price action, if DOGE breaks the trend line and closes a four-hour candle above the $0.365 level, there is a strong possibility that it will rise by 20% to reach the $0.43 level in the future.
