Did Elon Musk Just Spark a Dogecoin Price Rally? / Source: Cryptonews
For the first time in more than a week, the price of Dogecoin (DOGE) has risen above $0.10, and traders are wondering if Elon Musk’s most recent tweets could lead to another DOGE price surge.
In recent weeks, Elon Musk has been endorsing a new meme coin that is related to Dogecoin.
Department of Government Efficiency pic.twitter.com/HFeHYNIkJN
— Elon Musk (@elonmusk) September 7, 2024
The CEO of Tesla and owner of X is rumored to be amenable to working for Donald Trump in the future.
The acronym DOGE refers to the Department of Government Efficiency, which he would lead when it was established.
With DOGE up 5% in the past 7 days, per CoinMarketCap, bulls are hoping that this could be the spark for a new Dogecoin price rally.
Dogecoin Price Needs to Break This Key Resistance Level
However, the price of Dogecoin needs to decisively break above a crucial resistance level before the bulls can seize control of this market.
The critical level is approximately $0.1050, the intersection of the 50DMA and a downward trend from the March highs.
If this level is broken, there may be a quick decline to the highs from July, which were in the $0.14s, and then higher still, to the yearly highs, which were in the $0.22s.
So the Dogecoin price could be set up to post fast 2x gains.