Elon Musk referenced Dogecoin in a social media post about a fictional 'Department Of Government Efficiency' (DOGE), causing Dogecoin's price to rise by around 4%.
The cryptocurrency has shown bullish momentum, being up 6.76% since the beginning of the week.
Analysts have identified a potential bullish 'falling wedge' pattern on Dogecoin's price chart, which could signify continued upward movement.
The post suggests that further gains for Dogecoin may be on the horizon given the current chart patterns and market sentiment.
