Dogecoin (DOGE) Soars 6% on Elon Musk's Post

Captioned “I am willing to serve,” the post humorously showcased the Department of Government Efficiency (D.O.G.E.), a fictional role Musk suggested

Dogecoin (CRYPTO: DOGE) price rose nearly 6% on Saturday in reaction to Elon Musk's latest post, but there was a limited rise as the tech billionaire jokingly endorsed the cryptocurrency.

Musk recently resigned as CEO of X, but speculation continues that he could take on a role in the Donald Trump administration.

Dogecoin jumped 6% in reaction to Musk's post

The post titled "I am ready to serve" humorously showed Musk's possible role in the Trump administration as "Department of Government Efficiency (D.O.G.E.)"

Musk also said that "Department of Government Efficiency" is a "perfect name" due to its close similarity to Dogecoin's stock market symbol DOGE. This news comes after Donald Trump, the Republican candidate for the upcoming US elections, said he might consider Musk for a cabinet position and take him on board for an advisory role if he wins the November election.

Musk recently said, "I discussed the idea of ​​a government efficiency commission with Donald Trump and I am ready to be a part of this commission."

Read more: How to Buy Dogecoin (DOGE) and Everything You Need to Know

Elon Musk's social media posts have long been known to drive the Dogecoin price, as community members often see them as endorsements for the meme coin. Similarly, developments at Musk's companies SpaceX and X (formerly Twitter) have triggered surges in the cryptocurrency dubbed "Bitcoin in meme coins."

Musk expressed his interest in Dogecoin by joining the X Takeover podcast in July, saying that his fondness for dogs and memes are the reasons for his soft spot for the coin. Despite this, the tech giant reiterated that it will not approve any cryptocurrency unless it is a joke.

"I have my thoughts on Bitcoin and maybe some other cryptos. I also have a soft spot for Dogecoin because I love dogs and memes... I will support cryptos in a tongue-in-cheek way at best. If you see me praising cryptos, that's not me," Musk said .

On the other hand, Musk cannot control the DOGE community's reactions to his posts, especially considering their enthusiastic endorsements of the meme coin in the past. In January, he revealed that he personally owned Dogecoin and said that SpaceX had invested in Bitcoin.

However, the impact of Musk's statements on Dogecoin decreased over time. Unlike the dramatic increases triggered by 2021 tweets, recent announcements have led to only modest price movements on the DOGE price.

Dogecoin Price View

According to the daily chart of the DOGE/USDT pair, Dogecoin becomes an attractive buying opportunity only if it surpasses the $0.1200 level and closes above this level. However, it is facing strong resistance as the bulls in the volume profile (orange nodes) show that they are waiting to step in once the price breaks this level.

The Relative Strength Index (RSI) shows bull pressure, but its position below 50 indicates weak momentum. Awesome Oscillator (AO) is similarly in the negative zone. Together, these indicators indicate a high probability of an ongoing bearish trend in the DOGE market.

Read more: Dogecoin (DOGE) Price Prediction 2024/2025/2030

Conversely, if the bullish momentum strengthens and the RSI crosses 50, Dogecoin price could break the 50-, 100-, and 200-day Simple Moving Averages (SMA) resistance levels at $0.1138, $0.1296, and $0.1364 respectively.

Buyers above $0.1200

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