Dogecoin Celebration Rally Could Be Overstated
Dogecoin (DOGE) is up 6.3% this week, trading at $0.3560, significantly outperforming the broader cryptocurrency market, where Bitcoin (BTC) is up 2.9% to $96,990. DOGE has emerged as the best-performing cryptocurrency among the top 10 by market capitalisation.
The rally in DOGE is driven by an improving macroeconomic outlook in the United States, bolstered by speculations that the new U.S. administration will adopt a gradual approach to tariff increases. Adding to the excitement, Dogecoin’s high-profile ambassador, Elon Musk, is reportedly gaining access to U.S. President Donald Trump ahead of his inauguration, further fuelling optimism around the memecoin.
Speculations that Dogecoin may become the currency for the X platform (formerly Twitter) payment system have also supported the rally. Investors have purchased approximately $570 million worth of DOGE over the last six days, reflecting heightened interest in the token.
From a technical perspective, DOGE needs to break above the $0.4000 resistance level to sustain its upward momentum. A successful move above this level could set the stage for a rally towards $0.5000, solidifying its position as a top-performing cryptocurrency.
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