The Dogecoin price has surged 20% following the announcement of a new Department of Government Efficiency, led by Elon Musk. This comes as Dogecoin outperformed Bitcoin with a 250% increase over the past 30 days.
Crypto analyst KALEO highlights that the DOGE/BTC pair has broken above a descending trendline, indicating potential for a 175% price surge. The last similar breakout led to a significant rally, reaching Dogecoin's all-time high.
KALEO attributes recent market trends, Dogecoin's resilience, and growing interest from Donald Trump and Elon Musk as contributing factors. Accumulation trends in the DOGE/BTC pair support a continued price surge.
The broader crypto market landscape, where Bitcoin prices are also projected to climb, provides additional support for KALEO's bullish prediction on Dogecoin.
Currently, Dogecoin is trading at $0.401 while Bitcoin is at $90,800, setting a potential trajectory for Dogecoin's next move.
