Dogecoin (DOGE) surged nearly 6% in the last 24 hours, trading at $0.173 on July 7, amid growing excitement around Elon Musk’s new political movement – the America Party – and speculation that DOGE might follow Bitcoin as an officially supported crypto asset.
Elon Musk Shakes the Market Again – Is DOGE Next in Line?
Following a public disagreement with Donald Trump over the controversial "Big Beautiful Act," Elon Musk launched his own political party, the America Party. In early statements, he made it clear that the party would support cryptocurrency. When asked whether Bitcoin would be accepted, Musk replied that the fiat system is "hopeless" – strongly hinting at crypto integration.
Although Musk has not explicitly commented on Dogecoin, he did retweet a post from DOGE co-founder Shibetoshi Nakamoto endorsing the America Party. This has sparked a new wave of speculation that DOGE might once again become one of Musk’s favorite tokens.
History Shows Musk’s Endorsements Can Trigger DOGE Rallies
Whenever Musk has mentioned Dogecoin in the past, the market has responded with major price surges. If his new party officially backs DOGE, the token could complete a classic double-bottom pattern, potentially pushing the price up to $0.519 — nearly double its current value.
🔹 Key price levels:
Support: $0.12 — successfully held by bulls
Neckline resistance: $0.259 — the first major obstacle
Target: $0.519 — the full potential of the double-bottom breakout
Technical Indicators Signal Renewed Investor Interest
The AO (Awesome Oscillator) has flipped green in the negative territory, indicating that selling pressure is fading. Meanwhile, the CMF (Chaikin Money Flow) is rising, suggesting increasing buying interest. Additionally, DOGE trading volume has jumped 250% in the past 24 hours, according to Coinglass — a strong sign that traders are positioning for a breakout.
Summary
Elon Musk’s new political initiative and public support for cryptocurrency have reignited bullish hopes for Dogecoin. If the America Party follows Bitcoin’s lead and officially embraces DOGE, a major rally could be on the horizon. Both technical signals and market sentiment point to growing optimism – now all eyes are on Elon’s next move.
#DOGE , #ElonMusk , #CryptoNews , #CryptoAdoption , #Dogecoin
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