Dogecoin price jumps 5.8% to $0.173 as Musk launches America Party. If DOGE is accepted, a bullish reversal could trigger a 2x rally.
Today, July 7, Dogecoin (DOGE) is trading at $0.173, up 5.86% over the previous day, as speculation regarding whether Elon Musk’s America Party will support the DOGE cryptocurrency is on the rise.
Elon has already stated that his new party will support Bitcoin, and Dogecoin has traditionally risen on his endorsements.
It is debatable how much the price of DOGE will increase due to this change, but DOGE may be next in line.
Is Dogecoin Acceptable By Elon Musk’s America Party?
The America Party is the new political party that Musk has started after he and President Donald Trump disagreed on the recently passed Big Beautiful bill.
He implied that the new party would support cryptocurrency assets while attempting to explain how it would operate.
Musk claimed that the monetary system was “hopeless” in response to a user who inquired about the party’s intention to take Bitcoin.
Musk did not answer another user’s question regarding whether Dogecoin would be present at this new gathering.
Later, though, he retweeted a message by Shibetoshi Nakamoto, a co-founder of DOGE, praising the new America Party and the advantages it would offer American voters.
The billionaire stated today that he thinks fiat money is doomed and his party will accept Bitcoin.
Given his prior enthusiasm for Bitcoin, his post has sparked wild speculation that DOGE would follow suit.
Based on his responses, Musk may focus on Dogecoin again, which would place it among the top-performing meme coins in July.
If Elon Endorses Memecoin Once More, Will Dogecoin Price rise?
In the past, Dogecoin Price has frequently responded favorably to Musk’s affirmations since these actions typically boost retail interest from traders hoping to make rapid gains.
The price will confirm the weekly double-bottom pattern if the America Party supports DOGE, which might soon lead to a double rally.
The support in this double bottom pattern is at $0.12, and looking at how Dogecoin price has been bouncing from this level, it is likely that bulls have successfully defended it, and the rise may continue.
This double-bottom pattern’s first goal is the neckline resistance of $0.259, where the price will encounter its first hurdle.
The cost of DOGE may increase by 100%, and the price of this pattern is anticipated to reach $0.519 if it can break through this resistance.
Since the AO has turned green within the negative range, which typically indicates that the sellers are not as active as they once were, it aligns with this bullish Dogecoin price prediction.
The CMF indicator is rising simultaneously, suggesting that even though there hasn’t been much buying pressure, it has been steadily increasing in strength, which opens the door for more advances in the DOGE price.
Due to a 250% increase in the altcoin’s trading volumes over the past day, data from Coinglass indicates that further gains are likely with the DOGE price.
Such a significant rise suggests that traders are swarming to place wagers on the future performance of the Dogecoin price.
In conclusion, some traders are speculating whether Elon Musk will again support Dogecoin in light of his recent proposal to start a party while promoting the cryptocurrency sector.
If this occurs, the meme token will validate the double-bottom pattern and double in value to $0.519.
