Dogecoin (DOGE) Soars as Donald Trump Creates New Department of Government Efficiency (DOGE) Led by Elon Musk and Vivek Ramaswamy

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.

Dogecoin (DOGE), the cryptocurrency that started as a meme, saw a significant surge in its price following an announcement by Donald Trump. On November 13, 2024, Trump announced the creation of the Department of Government Efficiency (DOGE), to be led by Elon Musk and Vivek Ramaswamy.

This move sent shockwaves through the crypto community, as DOGE is now the acronym for the newly created U.S. government department. The main aim of this department will be to streamline government operations, optimize federal spending, and enhance regulatory practices.

Dogecoin (DOGE) Surges 9% After Donald Trump Announces ‘Department of Government Efficiency’ (DOGE)

According to Trump's statement, the Department of Government Efficiency will be tasked with making the U.S. government more efficient. This initiative is designed to streamline government operations by eliminating unnecessary regulations, reducing wasteful spending, and reorganizing federal agencies to improve efficiency.

After the announcement, DOGE price volatility surged and the cryptocurrency witnessed a significant price increase. At the time of writing, DOGE is trading around the $0.38 price mark, showcasing a 9% gain in the past 24 hours.

Meanwhile, DOGE trading volume also skyrocketed by 90%, indicating heightened participation from traders and investors in response to this bullish development.

DOGE Technical Analysis and Upcoming Resistance Levels

Based on technical analysis by experts, DOGE is seen to be in a bullish state following the announcement. However, the cryptocurrency is currently consolidating within a narrow range between the $0.35 and $0.41 levels.

This consolidation on the four-hour time frame is occurring above the resistance level of $0.35, which is now acting as an accumulation zone.

If DOGE manages to break out of this zone and close a daily candle above the $0.42 level, considering the recent price action and historical momentum, there is a strong possibility that the meme coin could surge by 50% to reach the $0.59 level in the coming days.

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