Dogecoin (DOGE) surged by nearly 6% following a humorous post by X CEO Elon Musk. The post speculated about Musk's potential involvement in a Donald Trump administration, humorously suggesting the Department of Government Efficiency (D.O.G.E.). This fueled excitement among the DOGE community, causing a price spike.
Musk's social media posts have historically impacted Dogecoin's value. He reiterated his stance on not promoting cryptocurrencies unless in a joking context, but his posts often lead to market volatility.
Recent comments by Musk have had less dramatic impact compared to his 2021 tweets, indicating a declining influence on DOGE's value. Despite the recent surge, market indicators suggest a likely continuation of bearish trends for Dogecoin.
The DOGE/USDT daily chart shows that Dogecoin becomes an attractive buy if it breaks above $0.1200. Indicators like the RSI and Awesome Oscillator suggest weak bullish momentum, pointing to a high probability of continued bearish trends unless significant buying pressure emerges.
