Price Analysis View Non-AMP

Why is Dogecoin (DOGE) Price Surging Today?

Published by
Elena R

The crypto market has regained momentum with Bitcoin price retesting its $71,000 level. This comes after the recent rally of Donald Trump in NewYork. Further, the DOGE price surged after Elon Musk announced his ambitious plan to save taxpayers $2T with “Department of Government Efficiency”.

With Musk making an unofficial reference to the largest memecoin, will the self-styled “Dogefather” of Dogecoin kickstart another bull rally for DOGE memecoin similar to its 2020-21 rally?

DOGE Memecoin Retest It’s June High!

With a jump of 14.63% in the past 24 hours and a trading volume of $3.719 billion, the Dogecoin crypto has breached its resistance trendline of the triangle pattern. Notably, it has been trading within it since September and with the recent breakout, the altcoin has regained traction.

Moreover, the largest memecoin by market cap has added ~13% to its valuation over the past week and 28.87% during the past month. With a YTD return of +83.86%, it has outperformed top-ranked cryptocurrencies this year.

Dogecoin Technical Sentiments

The EMA 50/200-day has successfully recorded a Golden Cross in the 1D time frame. This highlights a significant rise in the bullish sentiment for the memecoin leader in the crypto market.

Further, the Relative Strength Index (RSI) has breached the overbought range in the Dogecoin price chart. This suggests that the altcoin may continue gaining value this week.

Will DOGE Price Hit $0.2 Before The U.S. Presidential Election?

Maintaining the price above its support level of $0.155 will set the stage for it to retest its resistance trendline of $0.18225. Moreover, if the bullish sentiment intensifies, it could head toward its upper high of $0.20575 during the upcoming time.

On the contrary, if a bearish trend reversal occurs, the DOGE coin price could retest its support level of $0.155. Furthermore, if the bears outrun the bulls, this could result in it plunging toward its lower support level of $0.127.

Wondering when will this memecoin hit $1? Read our Dogecoin (DOGE) Price Prediction for possible long-term price targets!

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

Why Crypto Is Down Today: Market Drops to $2.65T Amid U.S. Tariff News

The crypto market has hit a rough patch, sliding to $2.65 trillion after a 1.02%…

April 4, 2025

Fed Rate Cut Decision in Focus Amid Crypto Volatility and Recession Fears

Crypto markets experienced sharp ups and downs on Wednesday and Thursday ahead of President Trump’s…

April 4, 2025

Zoomex Review: The New Crypto Exchange with Many User-Focused Features

Since launching in 2021, Zoomex has quickly made a name for itself as a crypto…

April 4, 2025

Bitcoin Price Prediction 2025- BTC Price May Revamp Bull Run Only After Reaching These Levels

The crypto markets were heavily consolidating ahead of Trump’s Liberation Day, where new tariffs were…

April 4, 2025

Ripple Lawsuit Ends: Pro-XRP Lawyer John Deaton Revisits XRP Delisting Amid Coinbase Futures Filing

In a major development for the crypto market, Coinbase Derivatives has filed with the Commodity…

April 4, 2025

Nomy Finance’s Venture Division Surpasses $691 Million in Assets Under Management, Fueling Blockchain Innovation

Nomy Finance has announced that its venture division has surpassed $691 million in assets under…

April 4, 2025