DOGE/USD 30-minute chart. Source: Cointelegraph/TradingView
DOGE’s Dogecoin logo promotes DOGE price
The rise in DOGE’s price follows developments centered around the Department of Government Efficiency (DOGE), an agency led by Elon Musk. The governor general, who aims to cut government spending and streamline regulations, launched an official website on January 21.
The website features the Dogecoin logo in the center of the page. 미국 정부의 공식 웹사이트라고 밝히고 있는 .gov 웹사이트에도 해당 부서의 직함과 달러 기호, ‘대대적인 개혁에 국민이 투표했다’라는 슬로건이 적혀 있다.
source: Cointelegraph
After the inauguration ceremony, an executive order was issued to establish a department.
relevant: 도지코인을 1달러로? Traders say a 140% DOGE rally could happen before February.
“@DOGE official website is now open. 웹사이트에 $DOGE 로고를 사용하고 있습니다.”라고 거래자 Cas Abbe가 웹사이트 출시에 대한 반응으로 말했습니다.
Crypto YouTuber CryptoRover said, “The memecoin madness continues. “This will be the biggest bull market of our lifetime.”
The chart below suggests a bull flag breakout is imminent, which could lead to a massive uptrend.
A bull flag is a bullish continuation setup that forms after a sharp rise in price and then the price consolidates within a downward range.
This pattern is resolved after the price crosses the upper trendline at $0.37 and rises by the height of the previous uptrend. This set the upper target for DOGE price at $1.61, resulting in a 340% increase in the price of the memecoin.
DOGE/USD weekly chart. source: TradingView
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