Dogecoin Price Jumps 6% As Elon Musk Praises Trump’s DOGE Support, While Traders Pivot To This $47M ICO Rival That GROK Sees Exploding

Dogecoin Price Reaches New Heights

The Dogecoin (DOGE) price experienced a 6% surge in the past 24 hours, reaching $0.3454 as of 02:10 a.m. EST. The trading volume also saw a significant increase of 104%, reaching $3.8 billion.

Elon Musk's Endorsement

This price movement comes after Elon Musk praised President-elect Donald Trump for his support of the formation of the Department of Government Efficiency (DOGE). Musk expressed his appreciation on Twitter, stating, "I am confident that the American people will be happy with the outcome."

Technical Analysis

The DOGE price has been consolidating within the range of $0.30-$0.46, with a support zone around $0.30. The 1-day timeframe analysis shows a potential bearish reversal, with a double-top-like structure forming at the $0.46 resistance level.

Currently, DOGE is maintaining above its 50-day Simple Moving Average (SMA) at $0.3718, while the 200-day SMA at $0.2025 remains significantly lower, indicating a long-term bullish trend.

The Relative Strength Index (RSI) is at 49.32, suggesting a neutral market condition. The Moving Average Convergence Divergence (MACD) histogram shows slight bullish momentum.

Price Prediction

In the short term, DOGE is expected to remain range-bound between $0.30 and $0.46. A breakout above the $0.46 resistance could drive the price towards $0.50, while a decline below $0.30 could lead to support levels around $0.25-$0.27.

Wall Street Pepe Surges

Meanwhile, investors are showing interest in Wall Street Pepe (WEPE), a frog-themed derivative token. The project has raised over $47.7 million in funding and is set to offer tools and resources to assist retail traders in competing with larger investors.