Billionaire entrepreneur and Tesla CEO Elon Musk once again hyped the cryptocurrency community’s interest with a cryptic and especially enthusiastic comment on X about DOGE.
Musk has proven himself on the side of fun regarding Dogecoin. As head of the D.O.G.E. (Department of Government Efficiency), he took to Twitter to post about reducing the US federal deficit.
Musk’s Plan to Cut the Deficit by $1 Trillion
Musk stated that by cutting projected spending by $4 billion per day, the company could shrink the deficit, which currently exceeds $2 trillion, to just below $1 trillion by September 30, 2026.
The DogeDesigners user suggested that the amount be increased to $4.20 billion per day, the number 4.20, which was weed-related before it took off with Dogecoin memes. As a result, April 20 is now recognized as Dogecoin Day. Last year, the fourth Bitcoin halving took place on the same date. Musk reacted with a “rocket” emoji.
This comes after Elon Musk discussed how his D.O.G.E. initiative would affect the economy earlier, as the department was sued directly after the launch. In the earlier part of January, Musk hinted that if his governmental efficiency efforts are successful, leading cryptocurrencies like Dogecoin could lose their value sharply.
Musk responded to Y Combinator founder Garry Tan’s assertion that Dogecoin could see a rise in value if Musk’s D.O.G.E. plans to reduce inflation, which would lower the dollar price of cryptocurrencies.
As Dogecoin rallied directly after the Dogecoin logo was published on the official site of D.O.G.E (Department of Government Efficiency), Doegcoin became the hottest topic, especially when the department was under discussion.
Dogecoin Price Analysis
Ali Martinez, a notable crypto analyst, announced on X that Dogecoin has emerged from its symmetrical triangle pattern, which shows positive directions for market value. The crypto analyst expects the altcoin to jump 9.5% to reach $0.36 in future days.
Another crypto analyst, Trader Tardigrade, shared on X that investors could expect another six-month price rise, just like in early 2021. The crypto analyst used the recent Dogecoin price movement to demonstrate its parallels with previous performances in 2021 and indicated that the coin has a historic pattern of explosive surges. The market revealed three bullish cycles from 2015 to 2018 and 2019 to 2021, with the potential to start the third cycle in 2025.
The crypto monitor found that Dogecoin must surpass specific Fibonacci support points to increase again. When DOGE returns to test $0.24, it can reach three target prices: $0.49784, $0.58185, and $0.66228.
On its 4-hour chart, the experts show an ascending triangle pattern for DOGE. The chart pattern combines a flat upper barrier with a rising band of increasing low points, showing a possible upward move. The market will increase when DOGE crosses above the resistance at $0.334 toward the $0.355 to $0.360 area.
As of Jan. 31, Dogecoin (DOGE) is trading at $0.3339, showing a decline of 0.01231% since the last trade.
DOGEUSD 1-day chart. Source: TradingView
DOGE shows conflicting signals according to its technical indicators. The Relative Strength Index currently holds 50.056 in a balanced market position. The MACD indicator shows 0.001 output, indicating buyers could enter the market. Even so, the Stochastic Oscillator indicates selling opportunities because its current value stands at 38.126. The moving average signals established a neutral position since the indicator produced an equal amount of buy and sell signals.
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