Dogecoin Price Surges Amidst New Government Announcement

The Dogecoin price has soared 94% in the past week, despite a 1.7% dip in the last 24 hours. As of 7:40 a.m. EST, DOGE trades at $0.39 with a 15% decline in trading volume to $34 billion.

This price surge follows the announcement by US President-elect Donald Trump that he has appointed Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy to lead a new Department of Government Efficiency (DOGE).

In his announcement, Trump stated, "Together, these two remarkable individuals will lead my administration's efforts to dismantle government bureaucracy, reduce unnecessary regulations, cut wasteful spending, and restructure federal agencies."

Technical Analysis: Dogecoin Price Shows Bullish Momentum

The DOGE/USD pair exhibits a sharp upward trend, having risen from a support zone around $0.05 to a high of $0.4151. DOGE currently trades at $0.3827, indicating significant bullish momentum.

The price has surged above the 50-day (blue line) and 200-day (green line) moving averages, reflecting a strong uptrend. However, the wide gap between the price and moving averages suggests an overextended market, increasing pullback risk.

Technical Indicators Signal Potential Pullback

The MACD (12, 26, close 9) indicator is bullish, but the MACD histogram has reached high levels, indicating a possible overbought condition. Additionally, the Relative Strength Index (RSI) stands at 92.05, far above the overbought threshold of 70. This indicates that DOGE may be overbought and could experience a retracement or cooldown in price.

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