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The Dogecoin price jumped 6% in the last 24 hours to trade at $0.3454 as of 02:10 a.m. EST on trading volume that surged 104% to $3.8 billion.
This comes as Elon Musk praised President-elect Donald Trump for his support of the formation of the Department of Government Efficiency (DOGE).
Just wanted to express appreciation for President @realDonaldTrump and so many people, both inside & outside of government, supporting @DOGE.
I am confident that the American people will be happy with the outcome.
— Elon Musk (@elonmusk) January 13, 2025
Dogecoin Price Gears Up For A Bullish Rally
The DOGE price has consolidated between the $0.30-$0.46 range, with a support zone around $0.30.
The Dogecoin price analysis on the 1-day timeframe also shows rejection from the $0.46 resistance, forming a double-top-like structure, indicating a potential reversal.
For now, DOGE is attempting to hold above its 50-day Simple Moving Average (SMA), situated at $0.3718, while the 200-day SMA at $0.2025 remains far below, reflecting an overall long-term bullish trend, according to data from GeckoTerminal.
The Relative Strength Index (RSI) is at 49.32, sitting in the neutral zone. This indicates that neither buyers nor sellers dominate the market. Previously, the price of DOGE’s RSI hit overbought levels during the rally, and its current level suggests price consolidation or the potential for a directional move once momentum builds.
The Moving Average Convergence Divergence (MACD) histogram shows minor bullish momentum, with the blue MACD line just crossing above the orange signal line. While this is a positive sign, the lack of strong divergence indicates that the bullish momentum is not yet significant.
DOGE Price Prediction: Is $0.5 Next?
Given the current technical setup, DOGE is likely to remain range-bound between $0.30 and $0.46 in the short term. A decisive breakout above the $0.46 resistance could propel the price toward the $0.50 zone.
Conversely, if the price fails to hold above $0.30, DOGE may revisit lower support levels around $0.25-$0.27, closer to the highs from earlier in 2024.
Meanwhile, investors are piling into a new frog-themed Pepe derivative called Wall Street Pepe (WEPE), with 99Bitcoins, a crypto YouTube channel with over 721k subscribers, noting that AI chatbot GROK is predicting massive gains for the project.
Wall Street Pepe Presale Surges Toward $50 Million
Wall Street Pepe has surged past $47.7 million in funding after reaching $45 million on Friday. The project has added over $2.7 million in new buys since then as the presale gains more traction.
WEPE isn’t just another meme token—it’s built to help everyday traders compete with crypto whales. This project provides tools and resources once reserved for top-tier investors, making them accessible to everyone who joins.
One key feature is its advanced trading signals, which guide users with clear, actionable insights. These signals identify the top coins to watch, the best entry points, and when to sell for maximum gains.
The strength of Wepe is in every hand that holds it. 🐸 ⚔️ pic.twitter.com/Z8M3bsxTwf
— Wall Street Pepe (@WEPEToken) January 13, 2025
By holding the $WEPE token, investors can also earn a 27% annual percentage yield (APY), providing a lucrative passive income stream.
Investors can buy $WEPE Token from the official website for $0.00036647 using ETH, USDT, or a bank card.
If you would like to join, buy before a price hike in about 1 day.
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