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The price of Dogecoin (DOGE) has risen above $0.10 for the first time in more than a week, leading traders to speculate whether recent tweets from Elon Musk could trigger a new rally in DOGE prices.
In recent weeks, Elon Musk has been endorsing a new meme coin associated with Dogecoin.
Department of Government Efficiency pic.twitter.com/HFeHYNIkJN
— Elon Musk (@elonmusk) September 7, 2024
The owner of X and CEO of Tesla is believed to be open to a role in a potential future administration under Donald Trump.
He would lead a new department named the Department of Government Efficiency, which corresponds to the acronym DOGE.
With DOGE increasing by 5% over the past week, according to CoinMarketCap, bullish traders are optimistic that this could ignite a new price rally for Dogecoin.
Dogecoin Price Must Surpass This Critical Resistance Level
However, for bulls to gain convincing control of the market, the Dogecoin price must decisively break above a significant resistance level.
This level is approximately $0.1050, where a downtrend from the March peaks and the 50-day moving average converge.
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A breakout above this point could pave the way for a rapid return to the July highs in the $0.14 range and potentially towards the yearly highs in the $0.22 range.
Thus, the Dogecoin price may be positioned for quick 2x gains.
Nevertheless, some meme coin traders may be seeking higher upside potential, possibly 50 or even 100 times.
A new meme coin staking protocol named Crypto All-stars (STARS) might be exactly what they are searching for.
Currently in presale, STARS is generating significant buzz, with numerous prominent analysts supporting the cryptocurrency.
Enthusiastic investors have already contributed over $1.2 million to the promising presale. Cryptonews.com’s in-house crypto analyst Chester discusses in the video below why this new meme coin could achieve 100x returns.
This presents considerably more upside potential than what Dogecoin offers, even though Dogecoin is considered a safer option.
Buy STARS Here
The post Did Elon Musk Just Spark a Dogecoin Price Rally? DOGE Breaks $0.10 – What’s Next? appeared first on Cryptonews.
