Dogecoin (DOGE) is currently experiencing a bullish sentiment and is expected to have a significant increase in value. This is due to the formation of a bullish price pattern and Elon Musk’s recent interest in improving the efficiency of the Department of Government Efficiency (DOGE). These factors are changing the market sentiment towards DOGE.
Elon Musk, the billionaire founder of SpaceX and Tesla, has revealed that he is exploring the use of blockchain technology to make the DOGE department more efficient and to track government performance. This has caught the attention of crypto experts and analysts. Charles Hoskinson, the founder of Cardano blockchain, has even offered to help Musk for free.
This post by Hoskinson has gained widespread attention from crypto experts and suggests that this move could benefit the overall cryptocurrency market in the long run.
Despite these positive developments, DOGE is currently trading at around $0.354 and has only seen a 1.35% increase in the past 24 hours. The trading volume has also dropped by 30%, indicating lower participation from traders and investors compared to the previous day.
According to technical analysis, DOGE appears to be in a bullish position. It is currently at a crucial support level provided by a trendline and is poised for a breakout on the four-hour time frame. In the past, DOGE has found support from this trendline multiple times, resulting in significant upward momentum.
Based on historical price momentum, experts are expecting a similar increase in value. If DOGE breaks the trendline and closes a four-hour candle above the $0.365 level, there is a strong possibility that it could increase by 20% and reach the $0.43 level in the future.
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