Dogecoin Price Forecast: DOGE Eyes $0.519 Rally Target

Dogecoin Surges 4% Amid Musk's America Party Launch

Dogecoin has gained 4% in the last 24 hours, trading at $0.17 on July 7. The leading meme cryptocurrency has captured significant market attention as trading volumes surged over 300% to $1.52 billion. This renewed interest follows Elon Musk's endorsement of Bitcoin after launching his America Party, sparking speculation about whether Dogecoin could be next.

Will Elon Musk's America Party Accept Dogecoin?

Following disagreements with President Donald Trump regarding the recently passed Big Beautiful bill, Musk launched a new political party called the America Party. While explaining how this new party will function, he hinted at endorsing cryptocurrency assets.

When asked whether the party would accept Bitcoin, Musk responded that the fiat system was "hopeless." Another user questioned whether Dogecoin would have a presence in the new party, but Musk did not directly respond. However, he later retweeted a post by DOGE co-founder Shibetoshi Nakamoto endorsing the America Party and highlighting benefits for US voters.

The billionaire confirmed earlier today that his party will embrace Bitcoin, stating his belief that fiat currency is hopeless. His statements have led to widespread speculation that DOGE, given his historical interest, could be next after Bitcoin.

Based on his responses, Musk might shift attention back to Dogecoin, potentially making it one of July's top-performing meme coins.

Technical Analysis: Double-Bottom Pattern Suggests 2x Rally

Historically, Dogecoin price has reacted positively to Musk's endorsements, as such moves increase retail interest from traders seeking quick profits. If the America Party endorses DOGE, the price will likely confirm a weekly double-bottom pattern that could trigger a 2x rally.

The support level in this double-bottom pattern sits at $0.12. Dogecoin price has been bouncing from this level, suggesting bulls have successfully defended it, indicating potential continued upward movement.

Key Price Targets

The first target as this double-bottom pattern develops is the neckline resistance at $0.259, where the price will face initial obstacles. If DOGE breaks this resistance, the price could gain 100% to reach the pattern's target of $0.519.

Technical Indicators Support Bullish Outlook

The Awesome Oscillator (AO) aligns with this bullish Dogecoin price prediction, turning green within the negative region. This typically indicates that selling pressure is decreasing compared to previous periods.

The Chaikin Money Flow (CMF) indicator is rising, signaling that while buying pressure has been low, it has been gradually gaining strength. This supports the potential for additional DOGE price gains.

Trading Volume Surge Indicates Growing Interest

Data from Coinglass shows that further gains are possible for DOGE price due to a 263% increase in the altcoin's trading volumes over the last 24 hours, reaching $5 billion. Such massive increases typically indicate traders are positioning for future price movements.

Futures volumes have exploded by over 260%, demonstrating surging interest toward Dogecoin among institutional and retail investors.

Price Prediction Summary

Recent initiatives by Elon Musk to launch a political party while endorsing the cryptocurrency industry have drawn speculation about whether he will return to being a Dogecoin advocate. If this occurs, the meme token could confirm the double-bottom pattern and surge by two times to $0.519.

The combination of technical indicators, increased trading volumes, and potential political endorsement creates a favorable environment for Dogecoin's price appreciation in the coming weeks.

Frequently Asked Questions

Can Elon Musk's America Party endorse Dogecoin?

While Musk has not directly confirmed Dogecoin endorsement, his historical support for the cryptocurrency and recent retweets of DOGE-related content suggest it remains a possibility.

How high could Dogecoin price rally if Musk endorses DOGE?

Technical analysis suggests a potential 2x rally to $0.519 if the double-bottom pattern confirms, representing a 100% gain from current resistance levels.

What other factors could influence a DOGE price rally?

Key factors include overall cryptocurrency market sentiment, Bitcoin's performance, regulatory developments, and continued social media momentum from influential figures in the crypto space.