DOGE had a very strong rally last week, and is forming a breakout above this light blue channel. There is a $0.3556 resistance level directly above, I think DOGE is trading in a tight range here before climbing up higher. I would monitor for support at the light blue trendline around $0.2750 and resistance at the $0.35560 level for now. I think DOGE will continue to climb up higher, but there could be some stalled price action for the next few hours or days depending on if BTC starts another leg up soon.
DOGE has been performing very well since Trump’s victory, primarily because of Elon Musk and his role in the Department of Government Efficiency (DOGE). Elon has played a major role with helping DOGE rally last cycle, and it looks like he will do it again this cycle. In the past Elon has promised that DOGE will be used for Tesla payments, there is also speculation that DOGE will be used for Twitter/X payments.
DOGE is primarily traded on Robinhood, which will help retail traders drive the price up whenever there is FOMO. Robinhood also places buy orders at a higher price than other exchanges to offset the zero fees. This should also help DOGE rally higher.
Memecoins are also the hottest trend in the crypto market, and DOGE is the leader of the memecoin sector. I think DOGE has a lot of very bullish narratives as we approach the most bullish part of the bull run cycle.
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