Dogecoin Leads Key Metric: Major Price Breakout Signs
Dogecoin has become a topic of debate despite a surge in meme currencies due to Donald Trump's comeback. Santiment, which just posted a sentiment dashboard on X, said “the top trending tokens” are joke currencies after the “historic US inauguration of Donald Trump.”
MELANIA, another Trump joke currency, momentarily peaked at $9 billion despite “substantial fluctuations amid broader market uncertainty.”$DOGE
Santiment attributes Dogecoin's social media explosion to Elon Musk's newly founde#d US Department of Government Efficiency (DOGE), which utilizes Dogecoin as its avatar.
Social media buzzes about this idea since it links cryptocurrencies to government activities. Santiment says that speculations regarding additional meme currencies tied to popular people like Trump and Musk add to Dogecoin's future performance and importance in the crypto ecosystem.
Despite the increasing spotlight on TRUMP and MELANIA, Santiment's sentiment analysis shows conflicting emotions for both tokens. The post says: “The word ‘trump’ is trending due to discussions about the Trump Coin.
Santiment's “positive” report cites “political influence and executive actions” and “the anticipation of a crypto executive order from Trump has generated excitement among investors.”
Technical Analysis: DOGE Breaks Out
After recovering from an early December trendline, Dogecoin (DOGE) was trading at $0.367 at press time.
DOGE faces the next significant overhead hurdle, the 0.5 Fibonacci retracement level at $0.3943, after the retest. Breaking this resistance might lead to the upper 0.618 Fib at $0.4759 and 0.786 at $0.5920.
If DOGE fails to break the 0.5 Fib, the 0.382 Fib around $0.3129 may be the best support. The Relative Strength Index (RSI) at 51 is neutral, indicating balanced momentum and space for either side to continue.