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Dogecoin (DOGE), as the leading meme coin, has generated a strong response in the cryptocurrency field. After Donald Trump won the US presidential election, the price of Dogecoin experienced a significant increase. Just today, on November 13, 2024, Trump announced that Elon Musk and Vivek Ramaswamy will lead the newly formed Department of Government Efficiency, which is abbreviated as DOGE.
Current Price Momentum
After the announcement, the volatility of DOGE has increased sharply, and the price has also risen significantly. Currently, the trading price of DOGE is close to $0.38, with a 9% increase in the past 24 hours. At the same time, its trading volume has surged by 90%, indicating that the participation of traders and investors has increased under this bullish outlook.
DOGE Technical Analysis and Upcoming Levels
According to expert technical analysis, DOGE has shown a bullish performance after the announcement, but is currently consolidating in a narrow range between $0.35 and $0.41. The consolidation within the 4-hour timeframe, above the $0.35 resistance level, is seen as an accumulation area.
Based on recent price movements and historical momentum, if DOGE breaks above this area and closes above $0.42 on the daily chart, it is very likely to surge 50% in the next few days, reaching the $0.59 level.
So, why has DOGE suddenly become so popular?
1. Influence of Social Media
Celebrity Effect: The newly crowned co-president Musk frequently mentions DOGE on his personal account, and his support has undoubtedly brought tremendous popularity to DOGE.
Community Power: The DOGE community is very active, especially on platforms like Reddit, with many loyal fans. They not only actively promote DOGE, but also often organize various charitable activities, further enhancing DOGE's social image.
2. Technological Innovation
Performance Improvement: The DOGE team has continuously optimized the technology, increasing transaction speed and reducing fees, making DOGE more convenient and efficient. These improvements have led to a wider application of DOGE in daily payments.
Partnerships: DOGE has been collaborating with more and more companies and payment platforms, which means users can use DOGE in more places, increasing its practicality and appeal.
3. Market Sentiment
Demand for Safe Haven: Recently, the prices of mainstream cryptocurrencies like BTC have fluctuated significantly, and some investors have started looking for relatively stable investment targets. DOGE, with its low price and good liquidity, has become the choice of many people.
Community Trust: In the face of increased market uncertainty, investors tend to choose assets with a strong community support. DOGE has a solid community foundation, and therefore has gained more favor.
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