Dogecoin trades near $0.3281 with a 35% drop in trading volume.
Despite not directly linked, Musk’s DOGE target announcement fuels speculation for a DOGE rally.
Analysts are predicting bullish momentum for the memecoin in the coming days.
Dogecoin has found itself in the spotlight once again despite showing limited price action. The popular meme coin is trading near the flatline at $0.3281, slipping slightly in the last 24 hours while its trading volume dropped by 35% to $1.27 billion. Market participants are keeping a close eye on the token as recently posted about a government initiative that shares an uncanny acronym with DOGE.
Elon Musk ambitious targets for the Department of Government Efficiency (D.O.G.E.), aimed at reducing the US federal deficit from $2 trillion to $1 trillion by 2026. The proposal would involve cutting projected spending by $4 billion daily. While the announcement is not directly related to the meme coin, it has stirred curiosity in the Dogecoin community as Musk’s fondness for the token is well-documented. Earlier this week, Musk even extended an invitation to Dogecoin co-founder Shibetoshi Nakamoto to join the department.
Blockchain enthusiasts quickly interpreted the announcement as a possible bullish signal. Musk’s past endorsements have often sparked price surges, and many DOGE advocates remain hopeful that history will repeat itself.
DOGE Price Analysis
DOGE, which is currently in a consolidation phase, faces key resistance at $0.3300, with its next significant hurdle at $0.3550 should bullish momentum pick up. However, failure to maintain the $0.3150 support level could trigger selling pressure, possibly dragging the price down to $0.3050.
On the daily chart, both the MACD and signal lines are trending downward, indicating persistent bearish momentum. The red line above the blue line further underscores a continued sell signal.
Conversely, the 4-hour chart offers a bullish signal in the short term. The Relative Strength Index (RSI) stands at 46, suggesting market neutrality but with an upward slope hinting at growing bullish momentum. A potential MACD bullish crossover in this timeframe could act as a catalyst for DOGE to breach resistance levels.
Market analyst BlockchainBaller remains bullish despite the ongoing market stagnation. In a recent social media post, the trader projected a price surge beyond $0.48 in the near future, DOGE ETFs under SEC review and Musk’s consistent hype as key factors.
Similarly, prominent cryptocurrency investor Luciano recently expressed his optimism on X, that “$1 is just a matter of time [for DOGE]. The big chads are betting heavily; there is no reason not to be optimistic on this one”. Notably, the largest memecoin has recorded a 320% surge in the past year.