Dogecoin Price Soars 7% as Trump Appoints Elon Musk and Ramaswamy as Co-Leaders of the D.O.G.E

Highlights:

• Dogecoin price pumps 7% today to trade at $0.3878 despite a fall in its daily trading volume.
• US President-elect Donald Trump has appointed Elon Musk and Ramaswamy to take on a key administrative role.
• Despite strong community backing, there are signs that a correction might happen in the Dogecoin price in the near term. 

The Dogecoin price has risen 7% in the past 24 hours, trading at $0.3878 during the European trading sessions. However, its daily trading volume has plummeted 26% to $27.36 billion, signaling a fall in market activity. DOGE is now up 95% in a week, 256% in a month, and 421% in a year.

Despite the fall in trading volume, all hope is not lost in the leading meme coin by market cap. This is because Donald Trump, the US president-elect, has appointed Elon Musk and Vivek Ramaswamy co-leaders of the Department of Government Efficiency (D.O.G.E). 

🔴🔵 On Tuesday, U.S. President-elect Donald Trump appointed Elon Musk to a position focused on building a more efficient government, giving the world’s wealthiest man—who contributed millions to Trump’s campaign—an even greater role. pic.twitter.com/sDKbq47uyu

— LN24 International (@ln24_intl) November 13, 2024

The developing news has made the DOGE community optimistic, as analysts predict further bullish momentum in the market. Cryptojobs, a well-known crypto analyst, has predicted that the DOGE price could hit the $0.05 mark. He has expounded further, noting that ”as long as the main uptrend supports prices, we should see another pump toward at least the double-top resistance zone.” There are no signs of weakness in the trend yet.

$DOGE / USDT – update: 🚀

Another bull flag is forming 📈

As long as the main uptrend is supporting prices, we should see another pump toward at least the double top resistance zone!

There is no signs of weakness in the trend yet!

Prices could fly again at the 0.400$ &… pic.twitter.com/ctbdoXHwdG

— 🧙 Crypto_Jobs🧙‍♂️ TA & FA 🎯 (@CryptoJobs3) November 13, 2024

Dogecoin Statistical Data

Based on CoinmarketCap data:

• DOGE price now – $0.3878
• Trading volume (24h) – $27.36 billion
• Market cap – $56.96 billion
• Total supply – 146.77 billion
• Circulating supply – 146.77 billion
• DOGE ranking – #6

After a remarkable 95% increase in a week, Dogecoin has surged to the sixth spot by market cap, surpassing the Ripple token ( XRP). However, despite strong community backing and the involvement of influencers like Elon Musk, there are signs that a correction might happen in the short term. 

Dogecoin Technical Indicators Flash Bullish

The Dogecoin price has continued to print green candlesticks in the daily chart timeframe, tilting the odds toward the buyers. Moreover, the bulls have capitalized on the golden cross, which signals a long-term bullish outlook.

The DOGE token has flipped the 50-day and 200-day Simple Moving Averages into immediate support at $$0.1322 and $0.1539. This enables the buyers to steady the upward momentum, leaving them in a resistance-free zone. 

Based on the Relative Strength Index (RSI), it has hurtled to the overbought region, currently at 92.34. However, traders are advised to be cautious as the RSI pushes into the overbought region. A retracement will likely follow, allowing DOGE to sweep through more liquidity as already sidelined investors rush to buy lower-priced Dogecoin tokens.

On the other hand, traders are at liberty to hold their long positions in DOGE intact, bolstered by the bullish outlook from the Moving Average Convergence Divergence (MACD) indicator. A buy signal validated the rally with the blue MACD line stepping above the signal line in orange. The momentum indicator has also been trending upwards into the positive region – above the mean line at 0.00.

Dogecoin Price Forecast

Based on the daily chart timeframe, the bulls have put their best foot forward, quashing the seller counterparts in the market. However, a retracement is likely to happen with the token already overbought. In such a case, when early profit cooking commences, the Dogecoin price could drop, chasing the $0.3522 support level. 

Increased selling pressure will see the meme coin dwindle further; however, the $0.1541, coinciding with the 50-day MA, will cushion against further downside. Conversely, the Dogecoin price could surge if the buying pressure increases, reclaiming the $0.43 mark or above to $5.