Following a significant 105% surge, the sentiment around Dogecoin has shifted. However, the market is stabilizing, and experts predict a potential new rally.
Elon Musk and Dogecoin Impact
Dogecoin has gained notable attention after Elon Musk made a contribution to Donald Trump's campaign. Trump proposed a new department called the 'Department of Government Efficiency,' abbreviated as DOGE. Since Trump's presidency, DOGE has seen significant attention and accumulation by investors and traders.
Current Dogecoin Price Momentum
Currently, Dogecoin is trading around $0.35, with a 10% decline in the last 24 hours. Its trading volume has decreased by 30%, indicating lower participation by traders and investors.
Technical Analysis and Key Levels
According to technical analysis, DOGE is at a support level of $0.35 and is just 3% away from a potential major price decline. If the price falls below this level, a significant drop could occur. Conversely, bullish momentum could ensue if DOGE breaches the upper consolidation level and holds above $0.41. These levels are crucial for Dogecoin, and they will determine the future price movement.
The current Dogecoin market situation remains uncertain. Investors and traders will closely monitor the key levels to predict future developments.
