Dogecoin (DOGE) Prepares for Another Upside Rally Targeting $0.41 After Elon Musk's Recent Contribution

After a significant 105% upside momentum, the sentiment around Dogecoin (DOGE), the popular and largest meme coin has shifted.

.41 After Elon Musk's Recent Contribution" >

Dogecoin (DOGE) has experienced a significant 105% price increase, but the meme coin appears to be preparing for another round of price appreciation.

As the broader cryptocurrency market struggles to gain momentum and experiences a price correction following recent gains, DOGE has managed to gain attention due to Elon Musk's involvement in Donald Trump's presidential campaign.

During the campaign, Trump proposed a new department called the "Department of Government Efficiency," abbreviated as DOGE.

With Trump elected as the president of the United States, DOGE has received substantial attention and accumulation from investors and traders.

Recently, Trump announced that Musk and Vivek Ramaswamy will head the D.O.G.E. department.

Following the announcement, there has been no major rally or price decline for DOGE, with the meme coin trading flat.

DOGE is currently trading around $0.35, showing a 10% price decrease in the last 24 hours.

At the same time, its trading volume has decreased by 30% as the price moved within the consolidation zone.

Dogecoin Technical Analysis and Key Levels

A crucial support level for the DOGE meme coin is at $0.35, and it is 3% away from a potentially major price drop in the coming days.

Based on recent price action and historical momentum, DOGE is currently consolidating within a narrow range between $0.35 and $0.41.

If it breaks below the lower level of consolidation and closes a daily candle below the $0.35 mark, there is a high probability that DOGE could experience a significant drop in the coming days.

On the other hand, a potential bullish momentum could be observed if DOGE breaches the upper level of the consolidation zone and closes a daily candle above the $0.41 level.

These two levels are critical for the meme coin, and traders and investors can now anticipate a potential DOGE rally based on its recent price momentum.

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