Cardano (ADA), Kaspa (KAS), and Dogecoin (DOGE) – What to Expect in the Coming Months?

Two weeks after Trump's dominant win, Dogecoin resisted the sell-off pressure and stabilized with a 25% seven-day profits.

Fresh off a dominant win, Donald Trump announced the formation of a new U.S. government department dedicated to promoting Dogecoin (DOGE).

The move follows months of speculation about Trump’s stance on cryptocurrency, with the former president previously expressing interest in the asset class.

Now, with his return to the political stage, Trump seems to be using Dogecoin to rally support among younger voters and tech-savvy audiences.

But beyond the headlines, what does Trump’s Department of Government Efficiency (DOGE) actually mean for the cryptocurrency and the broader market?

Let’s dive into the details and explore the potential implications.

Trump Announces New Government Department Dedicated to Dogecoin

In a surprising turn of events, former U.S. President Donald Trump announced the formation of a new government department tasked with promoting Dogecoin (DOGE).

The move comes as Trump steps up his efforts to engage with younger voters and tech-savvy audiences ahead of a potential presidential run in 2024.

The new department, officially named the Department of Government Efficiency (DOGE), will be responsible for promoting the cryptocurrency within the U.S. government and exploring ways to integrate DOGE into various government programs.

This marks a significant development in the mainstream adoption of Dogecoin, which has largely been driven by retail investors and online communities.

With Trump’s announcement, DOGE is now positioned to gain further visibility and acceptance among a broader audience, including institutions and government agencies.

Dogecoin Surges, Trump’s Involvement Adds Momentum to Token’s Rise

Dogecoin (DOGE) has seen a remarkable surge in recent days, driven largely by Donald Trump’s announcement of the Department of Government Efficiency (DOGE).

The cryptocurrency surged to a yearly high of $0.40 on the news, marking a significant gain from its price range of $0.08 – $0.12 throughout 2022.

DOGE’s recent surge can also be attributed to the broader market uptrend, with total crypto market capitalization increasing by over 25% year-to-date.

However, analysts caution that DOGE’s rapid price movements are largely driven by hype and speculation, making it vulnerable to sudden price drops.

Despite the inherent risks, Trump’s involvement in promoting Dogecoin has undoubtedly added momentum to the token’s rise.

The former president’s massive following and influence could play a crucial role in shaping the future of DOGE and its integration into the mainstream.

Dogecoin Technical Analysis: Can Trump’s DOGE Department Fuel Further Rally?

Dogecoin (DOGE) trades at $0.36 per CoinMarketCap, riding high after an explosive surge to its yearly peak of $0.40 following Trump’s announcement.

DOGE successfully broke through multiple resistance levels during its recent rally, with the RSI suggesting there’s still room for growth despite the impressive gains.

The $0.40 psychological barrier now stands as the immediate hurdle. A breakthrough here could set DOGE up for a push toward the next major resistance at $0.45, while support at $0.32 should cushion any potential pullbacks.

Market sentiment remains particularly bullish, with Coinbase CEO Brian Armstrong’s recent comments about the new DOGE agency and Musk’s involvement adding extra momentum to the token’s upward trajectory.