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The Dogecoin price surged over 12% in the last 24 hours to trade at $0.3947 as of 11:19 p.m. EST as traders FOMO buy into the leading meme coin.
The surge in the DOGE price comes after US president-elect Donald Trump announced that he has chosen Tesla CEO Elon Musk and Vivek Ramaswamy to lead his Department of Government Efficiency (D.O.G.E.).
“Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” he wrote in his announcement.
Dogecoin Price Consolidates
4-hour chart for DOGE/USD (Source: GeckoTerminal)
The Dogecoin price has consolidated between $0.3396 and $0.4091 in the last few hours. This could be a brief accumulation phase before the next leg up. If this is the case for the meme coin, its price might soon flip the $0.4091 resistance into support to pave the way for further gains. Bulls could then have the room needed on DOGE’s charts to push the altcoin to $0.4902.
On the other hand, a breakdown below the $0.3396 support within the next 12 hours might bring an end to the meme coin’s bullish streak. Traders could end up realizing their profits from the recent Dogecoin price rally, which could put the meme coin at risk of correcting all the way down to $0.2643.
Technicals Warn Of A Potential Pullback In The Dogecoin Price
Technical indicators on DOGE’s 4-hour chart warn the altcoin might undergo a correction soon. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are starting to show bearish signs.
Firstly, the MACD line is falling towards the MACD Signal line on the 4-hour chart. Traders might interpret this narrowing gap between the two technical indicators as a sign of DOGE’s bullish trend coming to an end. A cross between the MACD and MACD Signal line might confirm this, which could be followed by a drop in the Dogecoin price.
Meanwhile, RSI readings have dropped in the last 24 hours to indicate a decrease in buying power. Although the current reading at 76 suggests that bulls are still in control, the high reading warns that DOGE is overbought. Oftentimes, high RSI readings are seen as a sell signal because they suggest a crypto’s downside potential is greater than its upside potential.
As the Dogecoin price consolidates amid Trump’s appointments, investors are rushing to buy new PolitiFi token FreeDum Fighters (DUM) for post-election gains.
Round Two Of The US Election Happening On-Chain
FreeDum Fighters (DUM) offers a lighthearted take on the US presidential election. Although the major event has concluded, with Trump emerging victorious, Kamala Harris fans can still record a win through the on-chain political clash taking place at the heart of the project.
In one corner is the Trump-linked Magatron, and in the other is Kamacop, representing Harris. Backers of each character stand to unlock impressive staking rewards.
Magatron is currently offering its supporters a 266.99% staking APY. Meanwhile, Kamacop is offering her loyal backers a much higher 660.05% APY.
With the election over and pro-crypto Trump taking the White House for a second term, experts and analysts are bullish on DUM. Influential YouTuber Jacob Bury told his more than 43K subscribers that the new DUM token might soar 10X after its launch.
Investors Rush To Buy DUM For Post-Election Gains
Investors have been racing to buy DUM during its ongoing presale, which has already raised over $475K. This buying frenzy is likely to continue as investors try to position themselves ahead of the crypto’s launch and the potential 10X surge predicted by Jacob Bury.
Anyone that wants to get in on the ground stage of this project can do so using the simple buy widget embedded on the project’s website. Selling for $0.000075, DUM can be bought with either ETH, BNB, BASE, SOL, USDT or USDC.
We have our winner of the $DUM debate #1:
The winner is Kamacop 9000, for debating against the statement:
MAGATRON's hair is the pinnacle of American engineering. Just like McDonald's is the pinnacle of American cuisine.All prizes will be paid at a later time closer to TGE. https://t.co/kKH0T0dtDU
— FreeDum Fighters (@Freedum_Fighter) November 13, 2024
With every purchase, inventors can choose to have their tokens automatically staked towards either Magatron or Kamacop for each character’s associated staking rewards.
Buyers who want to purchase DUM at the best price will want to act fast because the meme coin’s price is scheduled to increase with each subsequent stage of its ICO. The next price hike will happen in about 8 hours.
Purchase DUM on its official website here.
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