Dogecoin Is Losing Momentum
Dogecoin (DOGE) surged by 35.5% to $0.3689 this week, retreating from a peak of $0.4394 reached on November 12. The Trump-driven rally in the cryptocurrency market propelled DOGE to remarkable highs, with the token posting an extraordinary 188% increase at its peak. The market euphoria was fueled by Donald Trump’s presidential victory and the appointment of Elon Musk as head of the newly formed Department of Government Efficiency (D.O.G.E), alongside Vivek Ramaswamy, who had endorsed Trump after withdrawing from the Republican primary.
The recent explosive rally has left investors cautious, as Dogecoin reached a strong resistance level at $0.4000. A retracement appears likely, with the next significant support level at $0.3000.
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