Current sentiment against Dogecoin (Doge) appears bullish, and it appears poised for a massive upside 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 shifting the market sentiment that Doge has witnessed.
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 thoughts have received a lot of attention from crypto experts and analysts.
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Current price momentum
Despite these positive developments, Doge is currently trading near $0.354 and has witnessed a 1.35% price bump in the last 24 hours. During the same period, trading volume fell by 30%, indicating lower participation from traders and investors compared to the previous day.
Dogecoin (Doge) technical analysis and upcoming levels
According to expert technical analysis, Doge appears bullish as it is currently at a crucial support level provided by the trendline and is also poised for a sloping trendline breakout on the four-hour time frame. Since December 2024, Doge has gained support from this trendline four times and each time it has witnessed impressive upward momentum.
Looking at the historical price momentum, experts expect a similar kind of upward momentum. Based on the recent price action, if Doge breaks the trendline and closes a four-hour candle above the $0.365 level, there is a strong possibility that it could rise 20% to reach the $0.43 level in the future reaches.
