Dogecoin (DOGE) is in the middle of Musk’s blockchain plan at $0.43.
The current sentiment about Dogecoin (DOGE) looks bullish, and looks set for a major upside rally due to bullish price action and Elon Musk's recent outlook on the Department of Government Efficiency (DOGE). These factors seem to change the market sentiment that DOGE is witnessing.
Elon Musk and Blockchain Technology
Recently, Elon Musk, the billionaire founder of SpaceX and Tesla, revealed that he is investigating blockchain technology to make the DOGE department more efficient and monitor government performance. Musk's ideas have received a lot of attention from crypto experts and analysts.
In view of this, Charles Hoskinson, founder of the Cardano blockchain, posted on X (formerly Twitter) and emphasized, “I think this is a Triumvirate job for Cardano, Bitcoin and Midnight. Yo, Dogemaster Elon Musk, call us. We do it for free.
This post on X has received widespread attention from crypto experts and suggests how this could benefit the entire crypto market in the long run.
Current price momentum
Despite these positive developments, DOGE is currently trading near $0.354 and has seen a price increase of 1.35% in the last 24 hours. During the same period, the trading volume decreased by 30 percent, which shows the low participation of traders and investors compared to the previous day.
Dogecoin (DOGE) technical analysis and upcoming levels
According to professional technical analysis, DOGE looks bullish as it is currently at the critical support level provided by the trend line and also ready for a trend line reversal on the four hours time frame. Since December 2024, DOGE has taken support from this trend line four times, and each time, it has seen a dramatic reversal.
Looking at historical price movements, experts are expecting a similar upward trend. Based on the recent price action, if DOGE breaks the trend line and closes the four-hour candle above the $0.365 level, there is a good chance of a 20% upside move to the $0.43 level in the future.
