Dogecoin Price Spikes Following Elon Musk’s Department Displaying DOGE Logo

During Trump’s recent inauguration, Musk made headlines with his bold statement: “We are taking DOGE to Mars.” This comment, paired with the department’s logo update, reignited interest in the popular meme coin.

This isn’t the first time Musk has linked Dogecoin with major platforms. Previously, he swapped Twitter’s blue bird logo for the DOGE symbol briefly.

However, analysts caution that the current surge may not last. Indicators like the Ichimoku Cloud chart suggest mixed signals. While DOGE holds above critical support, its short-term momentum shows signs of weakening.

The Average Directional Index (ADX) stands at 26.2, down slightly, with selling pressure edging out buying strength. If this trend continues, DOGE may consolidate or face a correction.

Despite this, optimism remains. If buying pressure picks up, DOGE could aim for $0.43, breaking through resistance levels at $0.398 and $0.415. Conversely, losing support at $0.348 might push prices lower, with $0.308 as the next key level.

For now, the market watches closely as DOGE reacts to Musk’s influence once again.