Did Elon Musk Just Spark a Dogecoin Price Rally? DOGE Breaks $0.10 – What’s Next?
Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...
The Dogecoin (DOGE) price has pushed back above $0.10 for the first time in over a week, with traders asking whether recent tweets from Elon Musk might spark a new DOGE price rally.
Elon Musk has been promoting a new Dogecoin-related meme coin in recent weeks.
Department of Government Efficiency pic.twitter.com/HFeHYNIkJN
The X owner/Tesla CEO is thought to be open to serving as part of a potential future Donald Trump administration.
He would head a new department called the Department of Government Efficiency, hence the acronym DOGE.
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.
But before the bulls can take convincing control of this market, the Dogecoin price needs to break convincingly above a key resistance level.
The level in question is around $0.1050, where a downtrend from the March highs and 50DMA coincide.
A break above here could open the door to a fast pushback to the July highs in the $0.14s and eventually on towards the yearly highs in the $0.22s.
So the Dogecoin price could be set up to post fast 2x gains.
But some meme coin traders will be looking for higher upside potential of say 50 or even 100x.
A new meme coin staking protocol called Crypto All-stars (STARS) could be just what they are looking for.
STARS, currently in presale, is already the talk of the town, with dozens of well-known analysts coming out in the crypto’s favor.
Eager investors have already piled over $1.2 million into the promising presale. Cryptonews.com’s
Read more on cryptonews.com
