Dogecoin price has once again caught the investors’ attention despite it hovering near the flatline today. Notably, market attention has also shifted as Elon Musk reveals the target of the Department of Government Efficiency (D.O.G.E.), which has sparked widespread discussions in the market. Amid this, a top market expert predicts a potential DOGE rally to $0.6, signaling a strong rally for the meme coin ahead.

Dogecoin Price Slips But Expert Remains Bullish

Dogecoin price traded in the red today but hovered near the flatline at $0.3281. Its one-day trading volume fell 35% to $1.27 billion. Notably, the crypto rested between the $0.3381 and $0.3258 mark over the last 24 hours. Furthermore, DOGE Futures Open Interest was also down 1.2%, reflecting the cautious sentiment in the market.

However, despite that, a top market expert remained bullish on Dogecoin. In a recent X post, renowned market analyst Rose Premium Signals forecasted a significant Dogecoin price surge. According to the post, DOGE is poised for a strong reversal after testing Fibonacci support zones.

The expert predicts that a confirmed bounce from the current level could propel DOGE towards three potential targets: $0.49784, $0.58185, and $0.66228. This would mark a substantial rally, with the top target representing a nearly 100% increase from current prices.

Source: Rose Premium Signals, X

Besides, Rose Premium Signals notes that historical patterns suggest DOGE may be setting up for another explosive rally, echoing the cryptocurrency’s reputation for volatility. Notably, in an earlier forecast, another market expert hinted towards a potential DOGE rally by 900%, which has also gained notable traction from investors.

On the other hand, Elon Musk, an active backer of the meme coin, has recently shared targets for D.O.G.E., which has further fueled market discussions.

Elon Musk Shares DOGE Target

Elon Musk has recently shared ambitious targets for his Department of Government Efficiency, aiming to reduce the US federal deficit from $2 trillion to $1 trillion by 2026. The proposal involves cutting an average of $4 billion per day in projected spending.

While the plan focuses on curbing inflation, it has inadvertently sparked optimism among Dogecoin investors. The reason lies in the acronym of the department, “D.O.G.E.,” which bears a striking resemblance to the meme coin’s ticker symbol.

How Will Musk’s Plan Impact Dogecoin Price?

Elon Musk’s affinity for Dogecoin is well-documented, with his previous social media posts often influencing the coin’s price. As a result, any developments related to the department are likely to impact investor sentiment and, subsequently, the price of Dogecoin.

However, it’s worth noting that the connection between the department’s targets and Dogecoin’s price may seem tenuous. But Elon Musk’s involvement ensures that investors will be watching closely for any potential impact on the meme coin’s value. Simultaneously, Musk has recently asked Dogecoin founder to join the Department of Government Efficiency (D.O.G.E.), which has further sparked market speculations.

For context, as Elon Musk’s X Money recently partnered with Visa, fueling its launch speculations, Dogecoin price rallied. A flurry of investors anticipates a potential integration of Dogecoin, Bitcoin, or other cryptocurrencies to X money, given the soaring popularity of digital assets under Donald Trump.

The post Dogecoin Price Eyes Rally To $0.6 As Elon Musk Reveals DOGE Target appeared first on CoinGape.

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Filed under: News - @ January 31, 2025 8:23 am