Dogecoin Price Climbs Modestly by 0.12% to $0.095, but Can the Rally Last?-web3.0-php.cn

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Dogecoin Price Climbs Modestly by 0.12% to $0.095, but Can the Rally Last?

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Sep 09, 2024 am 09:10 AM

dogecoin Rally Elon Musk Bull Trap

Dogecoin price shows a modest 0.12% surge to $0.095 during the less volatile weekend. Along with the market upswing, the DOGE price recently bounced from the

Dogecoin Price Climbs Modestly by 0.12% to <img src= .095, but Can the Rally Last?" >

Dogecoin price showed a slight surge on Friday after former U.S. President Donald Trump announced plans for a government efficiency commission in collaboration with Tesla founder Elon Musk. This news sparked a sudden pump in DOGE price, hitting a high of $0.095.

However, the sustainability of this recovery is questionable as DOGE approaches a multi-month resistance. Moreover, the dog-themed coin trades below the daily EMAS (20, 50, 100, and 200), indicating the path to least resistance is down.

On the contrary, a bullish breakout from the wedge pattern will accelerate the bullish momentum and set Dogecoin price prediction to $0.11, followed by $0.144.

Here are some key highlights from the analysis:

- Dogecoin price surged on Friday after Trump announced plans for a government efficiency commission with Musk.

- DOGE price approached a multi-month resistance as it trades below the $0.1 level.

- A breakout from the wedge pattern could propel DOGE price towards $0.11 and $0.144.

- Technical analysis reveals a bearish scenario if sellers continue to defend the overhead resistance trendline.

- Dogecoin price could slip and attempt to find support at the $0.08 level.

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