Dogecoin’s (DOGE) price is surging after the Department of Government Efficiency, led by Elon Musk under Trump’s administration, began featuring the coin’s logo on its official website.
The news has sparked a wave of speculation, pushing DOGE to test key resistance levels while traders assess the sustainability of this momentum.
Department of Government Efficiency Is Showing DOGE Logo On Its Website
DOGE price experienced a significant surge after the Department of Government Efficiency featured the coin’s logo on its official homepage.
This caught the attention of many, as the department is led by Elon Musk, a long-time supporter of DOGE. Also, yesterday, during Trump’s inauguration, Musk mentioned that “we are taking DOGE to Mars”.
This is not the first time Musk has altered a major platform’s logo to feature DOGE. In the past, he replaced Twitter’s iconic blue bird logo with the DOGE symbol for several hours before switching it back.
Metrics Show the Uptrend May Not Last Long
The Ichimoku Cloud chart for DOGE indicates a mixed trend. Currently, the price is below the blue Conversion Line (Tenkan-sen) and red Base Line (Kijun-sen), suggesting short-term bearish momentum. However, it is still above the green cloud (Senkou Span A and B), indicating that DOGE price remains in a broader bullish trend despite recent pullbacks.
The cloud ahead is thinning, and the green color signals potential support levels in the near term. If the price can reclaim the Conversion Line and Base Line, it may attempt a recovery. Conversely, a drop below the green cloud could signal a bearish reversal, as it would break through a significant support zone.
DOGE ADX is currently at 26.2, down from 27.9 a few hours ago.
The +DI is at 24.5, while the -DI is at 26.2, indicating that selling pressure has marginally overtaken buying momentum, signaling potential short-term consolidation or correction.
This shift suggests that while DOGE price initially spiked on the news, the momentum is not that strong.
However, with the recent surge driven by significant news, the broader sentiment could remain positive, and a recovery might be possible if buying pressure strengthens again and +DI moves above -DI.
Dogecoin Price Prediction: Can DOGE Reach $0.43 Soon?
If DOGE current uptrend proves strong, it could test the resistance at $0.398. Breaking this level might pave the way for further gains, with $0.415 as the next target.
A successful breach of $0.415 could drive DOGE price even higher, potentially reaching the $0.43 range, as momentum builds from recent positive news.
However, if the recent momentum fades, the trend could reverse, leading DOGE price to test the support at $0.348. Losing this key level could accelerate the downtrend, with the next major support lying at $0.308.
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Source: https://beincrypto.com/dogecoin-doge-prices-surges-elon-musk/