The Dogecoin price has experienced a significant surge in the last twenty-four hours. This is again thanks to the world’s richest man, Elon Musk, who is known to be a huge supporter of the foremost meme coin.
Dogecoin Price Rallies Following DOGE Mention
The Dogecoin price rallied following the DOGE mention at the Donald Trump rally in New York. Elon Musk made an appearance at the event and was introduced as the Co-founder of the Department of Government Efficiency (D.O.G.E). The DOGE mention came as the announcer said the D.O.G.E acronym, which also sounded like an allusion to the meme coin.
Dogecoin has in recent times, continued to spike whenever the meme coin comes up in relation to Musk’s Department of Government Efficiency, especially because of the D.O.G.E acronym. The Dogecoin price enjoyed a 31% gain in seven days amid Musk’s mention of ‘D.O.G.E’ at a Pennsylvania town hall meeting.
Meanwhile, it is worth mentioning that another the Dogecoin price possibly rose is because Musk struck a ‘Doge flex’ pose at the rally. The world’s richest shared a picture on his X platform in which he confirmed that he was alluding to the Doge flex when he struck the pose.
The Dogecoin price is expected to continue benefiting from the ‘D.O.G.E,’ especially as the November 5 presidential elections draw closer. Moreover, the Department of Government Efficiency could eventually come to life if Donald Trump wins the elections, meaning that ‘D.O.G.E’ becomes a mainstay in the next administration.
This will provide a major boost for the foremost meme coin, which continues to remain in the shadow of newer meme coins in this bull run.
DOGE Primed For A Big Move
In an X post, crypto analyst Masonius shared why the Dogecoin price is primed for a big move. First, the analyst mentioned that volume is building on the meme coin, with DOGE boasting strong volume support in its current price range. He claimed that a push past the weak high could send Dogecoin into the $0.4 to $0.6 range with “serious momentum.”
Secondly, Masonius mentioned that multiple Break of Structure (BOS) signals are appearing, which indicates a trend shift. He remarked that the Dogecoin price is showing it is ready to move upward, and the setup looks promising. The analyst also mentioned that the Moving Average Convergence Divergence (MACD) is on the verge of a bullish crossover, which, if confirmed, would lead to the DOGE surge the market has been anticipating.
Lastly, the analyst mentioned that the Dogecoin price has been outpacing the Bitcoin price in recent gains, which shows that the meme coin is gathering strength and momentum. With this, Masonius is confident that the psychological $1 price target is in sight for the Dogecoin price. He expects DOGE to start enjoying more adoption, which will send it to this price target.
Featured image created with Dall.E, chart from Tradingview.com
Source: https://bitcoinist.com/dogecoin-price-is-rising-today/