Dogecoin (DOGE), the leading meme coin, is making waves in the cryptocurrency realm as it has been soaring significantly following Donald Trump’s victory in the U.S. presidential election. Today, November 13, 2024, Trump announced that Elon Musk and Vivek Ramaswamy will lead a newly created Department of Government Efficiency, which is abbreviated as DOGE.
DOGE Department Objective
The main objective of this DOGE department in the U.S. government is to operate the government and its departments efficiently and to reshape federal spending and regulatory practices. However, in his speech, Musk stated that he would run this department like the company he leads, where those who work will receive incentives, and those who do not will face consequences.
In a statement, Trump said that the Department of Government Efficiency (DOGE) will make the U.S. government more streamlined and effective. This initiative aims to eliminate excessive regulations, reduce wasteful spending, and reorganize federal agencies to ensure they operate more efficiently.
Current Price Momentum
Following the announcement, volatility in DOGE has skyrocketed, and the price has increased significantly. Currently, DOGE is trading near $0.38, marking a 9% gain in the past 24 hours. At the same time, its trading volume has surged by 90%, indicating heightened participation from traders and investors amid this bullish outlook.
DOGE Technical Analysis and Upcoming Levels
According to expert technical analysis, DOGE appears bullish following the announcement but it is currently consolidating within a tight range between $0.35 and $0.41 levels. This consolidation on the four-hour time frame, above the resistance level of $0.35, is viewed as an accumulation zone.
Based on the recent price action and historical momentum, if DOGE breaks out of the zone and closes a daily candle above the $0.42 level, there is a strong possibility that it could soar by 50% to reach the $0.59 level in the coming days.
Rising Open Interest
However, on-chain metrics further support the meme coin’s bullish outlook. According to the on-chain analytics firm Coinglass, DOGE’s open interest has surged by 11.56% in the past 24 hours and 9.2% in the past four hours. This significant increase in open interest indicates growing interest from traders, leading to a rise in notable open positions.
