Why is Dogecoin (DOGE) Price Surging Today?

The post Why is Dogecoin (DOGE) Price Surging Today? appeared first on Coinpedia Fintech News

The crypto market has regained momentum with Bitcoin price retesting its $71,000 level. This comes after the recent rally of Donald Trump in NewYork. Further, the DOGE price surged after Elon Musk announced his ambitious plan to save taxpayers $2T with “Department of Government Efficiency”.

With Musk making an unofficial reference to the largest memecoin, will the self-styled “Dogefather” of Dogecoin kickstart another bull rally for DOGE memecoin similar to its 2020-21 rally?

DOGE Memecoin Retest It’s June High!

With a jump of 14.63% in the past 24 hours and a trading volume of $3.719 billion, the Dogecoin crypto has breached its resistance trendline of the triangle pattern. Notably, it has been trading within it since September and with the recent breakout, the altcoin has regained traction.

TradingView: DOGE/USDT

Moreover, the largest memecoin by market cap has added ~13% to its valuation over the past week and 28.87% during the past month. With a YTD return of +83.86%, it has outperformed top-ranked cryptocurrencies this year.

Dogecoin Technical Sentiments

The EMA 50/200-day has successfully recorded a Golden Cross in the 1D time frame. This highlights a significant rise in the bullish sentiment for the memecoin leader in the crypto market.

Further, the Relative Strength Index (RSI) has breached the overbought range in the Dogecoin price chart. This suggests that the altcoin may continue gaining value this week.

Will DOGE Price Hit $0.2 Before The U.S. Presidential Election?

Maintaining the price above its support level of $0.155 will set the stage for it to retest its resistance trendline of $0.18225. Moreover, if the bullish sentiment intensifies, it could head toward its upper high of $0.20575 during the upcoming time.

On the contrary, if a bearish trend reversal occurs, the DOGE coin price could retest its support level of $0.155. Furthermore, if the bears outrun the bulls, this could result in it plunging toward its lower support level of $0.127.

Wondering when will this memecoin hit $1? Read our Dogecoin (DOGE) Price Prediction for possible long-term price targets!