Dogecoin Price Prediction: DOGE Soars 4% After Elon Musk Comments, But Traders Turn To This Presale With A 1,520% Staking APY

Dogecoin Price Jumps 4% on Musk's DOGE-Related Comments

The Dogecoin (DOGE) price has surged by 4% in the past 24 hours, reaching $0.1434 as of 03:43 a.m. EST. This rise is accompanied by a significant 95% increase in trading volume to $1.56 billion.

Elon Musk's Influence

Elon Musk's recent statement regarding his proposed Department of Government Efficiency (DOGE) has contributed to Dogecoin's price growth. Musk indicated that he would lead this department if Donald Trump wins the upcoming US presidential election.

While Musk's comments did not directly mention DOGE, the acronym for the department has often buoyed the coin's value.

Dogecoin Price Outlook

After a period of consolidation, DOGE entered a bullish phase, moving from $0.108 to $0.1458. The $0.1458 level is currently acting as resistance, but the price continues to trade within a sideways pattern.

Bulls are targeting a breakout above the resistance zone, as DOGE currently trades above both the 50-day and 200-day Simple Moving Averages (SMA).

Technical indicators, such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), suggest moderate bullish momentum without overextension.

Dogecoin Price Prediction

The DOGE/USD chart analysis indicates a continued rally for Dogecoin. A breakout above $0.1450 with increased volume would signal a continuation of the uptrend, potentially targeting $0.1572 or higher.

However, if the price fails to break above this level, a pullback towards $0.12 (200-day SMA) could occur. A break below this support would suggest a short-term trend reversal.