Dogecoin (DOGE) Price: Surges 5% Following Elon Musk’s America Party Launch
TLDR
Dogecoin surged 5% to $0.171 following Elon Musk’s America Party announcement
Trading volume exceeded 1.1 billion with whale wallets accumulating DOGE
Price broke multi-month downtrend and established support at $0.166
Analysts target $0.20333, $0.22899, and $0.25383 for potential upside
DOGE retesting key descending trendline with historical patterns suggesting major breakout potential
Dogecoin price jumped more than 5% in the last 24 hours, climbing from $0.163 to $0.171. The rally came after Elon Musk announced the launch of his America Party over the weekend.
The breakout was supported by over 1.1 billion in trading volume. Strong support formed at $0.166 during the move higher.
Whale wallets accumulated DOGE aggressively during the price surge. Smaller holders exited their positions, creating a shift in ownership patterns.
Musk’s America Party announcement included pro-Bitcoin language and criticism of Donald Trump’s financial policies. While no formal mention of Dogecoin was made, speculation grew about DOGE’s potential role in the new political movement.
The Tesla CEO has previously integrated Dogecoin into Tesla and X products. This history has fueled expectations that the token may serve a purpose in his political vision.
Technical Breakout Confirms Bullish Structure
DOGE broke through a multi-month bear trend and held above the $0.16 level. This price point had acted as resistance throughout the second quarter.
Market analyst Ledger Bull identified three upside targets at $0.20333, $0.22899, and $0.25383. These levels represent potential reaction zones if bullish momentum continues.
Source: Ledger Bull, X
The move above $0.16 followed weeks of constrained progress due to a prolonged downtrend. Initial volume supported the breakout, followed by a consolidation phase.
A firm close above $0.20333 would validate the shift in market structure. This would open the door for DOGE to test higher targets mapped by analysts.
Retest of Key Trendline Shows Strength
Trader Tardigrade noted that Dogecoin was retesting a long-term descending trendline on the 4-hour chart. This line formed from lower highs between late May and mid-June.
Source: Tardigrade, X
The trendline had previously acted as a ceiling for every rally attempt. DOGE pulled back to this line after breaking through it this week.
The retest occurred around $0.158 to $0.162. A firm bounce from this level would show bulls defending the new support area.
A higher low combined with increased volume on the resulting upward move would confirm the trend reversal. This setup could lead DOGE back toward $0.20.
Dogecoin $DOGE Update…
If you’re bullish on $DOGE, this is not a bad place to start building a position… pic.twitter.com/mPuUF94txB
— Trader Edge (@Pro_Trader_Edge) July 6, 2025
Analyst GalaxyBTC identified a longer-term repeating pattern similar to 2015-2017. During that period, DOGE followed a three-wave accumulation pattern before a major uptrend.
The current weekly timeframe shows a similar sequence supported by a rising trendline. The third wave appears to be completing, matching the historical setup.
Recent analysis showed DOGE reinforcing its base with strong trendline and horizontal support at $0.159. The second weekly touch of the long-term ascending trendline aligns with historical bullish reversals.
Analysts expect a push toward $0.25 and potentially $1 if momentum continues. Rising trading volume supports this outlook.
The price action comes as President Trump’s July 9 tariff deadline approaches. This has contributed to volatility across crypto and equity markets.
On-chain data from IntoTheBlock shows whale wallets holding 1M-100M DOGE increased their positions. Retail positions declined during the same period.
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Filed under: News - @ July 7, 2025 9:21 am