Did Elon Musk Just Spark a Dogecoin Price Rally? DOGE Breaks $0.10 – What’s Next?

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Joel Frank

Author

Joel Frank

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Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology…

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Last updated:

September 10, 2024 18:18 EDT

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The Dogecoin (DOGE) price has pushed back above $0.10 for the first time in over a week, with traders asking whether recent tweets from Elon Musk might spark a new DOGE price rally.

Elon Musk has been promoting a new Dogecoin-related meme coin in recent weeks.

The X owner/Tesla CEO is thought to be open to serving as part of a potential future Donald Trump administration.

He would head a new department called the Department of Government Efficiency, hence the acronym DOGE.

With DOGE up 5% in the past 7 days, per CoinMarketCap, bulls are hoping that this could be the spark for a new Dogecoin price rally.

Dogecoin Price Needs to Break This Key Resistance Level

But before the bulls can take convincing control of this market, the Dogecoin price needs to break convincingly above a key resistance level.

The level in question is around $0.1050, where a downtrend from the March highs and 50DMA coincide.

A break above here could open the door to a fast pushback to the July highs in the $0.14s and eventually on towards the yearly highs in the $0.22s.

So the Dogecoin price could be set up to post fast 2x gains.

But some meme coin traders will be looking for higher upside potential of say 50 or even 100x.

A new meme coin staking protocol called Crypto All-stars (STARS) could be just what they are looking for.

STARS, currently in presale, is already the talk of the town, with dozens of well-known analysts coming out in the crypto’s favor.

Eager investors have already piled over $1.2 million into the promising presale. Cryptonews.com’s in-house crypto analyst Chester explains in the below video why the new meme coin could 100x.

That’s a lot more upside potential than the Dogecoin price has, even if Dogecoin is a safer bet.

Buy STARS Here

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.