Department of Government Efficiency (DOGE) Price Forms a Bullish Channel, But Faces Risk of a Retracement

The Department of Government Efficiency price pumped over 14% in the last 24 hours to trade at $0.2204 as of 2:46 a.m. EST as investors rush to buy the meme coin.

Department Of Government Efficiency (DOGE) price is up over 14% in the last 24 hours to trade at $0.2204 as of 2:46 a.m. EST. Investors are rushing to buy the meme coin, which is continuing a positive trend that has seen it rise by more than 107% over the last 2 weeks and 28% up on the monthly time frame.

DOGE Price Forms A Bullish Channel

4-hour chart for DOGE/USD (Source: GeckoTerminal)

Dogecoin price has printed a series of higher highs and higher lows in the last couple of days, leading to the formation of an ascending price channel on the meme coin’s 4-hour chart. Recently, DOGE was able to break out above the upper boundary of this positive range but has since corrected back within the channel.

Should the meme coin continue to trade within the ascending price channel, it might soon attempt a challenge at the major resistance level at $0.2717 in the coming 24 hours. Overcoming this technical barrier could then clear room for the meme coin to continue climbing in the short term.

On the other hand, breaking the lower boundary of the ascending channel or a rejection from the $0.2717 resistance level in the next 24 hours could invalidate the bullish thesis. In this alternative scenario, Dogecoin price might lose the $0.2133 support.

A drop below $0.2133 could be followed by a plunge to the subsequent technical safety net at $0.1804 or even to as low as $0.1459 if the bearish pressure persists.

DOGE Price At Risk Of A Retracement

From a technical standpoint, indicators on the meme coin’s 4-hour chart suggest DOGE’s bullish momentum has stalled. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) warn the meme coin might undergo a retracement soon if buyers don’t re-enter DOGE’s charts.

In recent hours, the MACD line has started to collapse towards the MACD Signal line. This narrowing gap with the former positioned above the latter is often seen as an early warning sign that an asset’s bullish momentum is cooling off.

RSI readings have dropped over the past couple of hours as well, which suggests decreasing buyer strength. If RSI readings continue to fall over the coming hours, the indicator might end up dropping below the neutral 50 mark to indicate that sellers have taken control of the meme coin.

As DOGE stalls, investors continue to pile into the new PEPE derivative Wall Street Pepe (WEPE) as its presale races towards $50 million. This strong ICO performance comes amid a series of bullish predictions by crypto experts.

Analyst and YouTuber ClayBro recently said in a video for his over 134K subscribers that WEPE could soar 100X after launch.

Giving Traders The Tools They Need To Take On Crypto Whales

Wall Street Pepe is growing an army of degen traders and analysts who all want to bring an end to whale dominance in the crypto market. Members of the WEPE Army will share exclusive market insights and alpha trade calls with each other that will enable everyone to trade like pros.

Anyone interested in gaining access to these signals will simply need to buy and hold the project’s native WEPE token, which is selling for $0.00036648 and can be bought with either crypto or bank card via the simple buy widget embedded on Wall Street Pepe’s website.

With great memes comes great responsibility. 🐸 ⚔️ pic.twitter.com/CmaoJ8z2tI

— Wall Street Pepe (@WEPEToken) January 15, 2025

After purchasing WEPE, investors will simply need to wait for the next trade opportunity to present itself in the market and get flagged by the WEPE Army. Until then, investors can put their tokens to work through the attractive staking initiative available to presale buyers. Anyone who buys and stakes WEPE tokens now will unlock a 26% APY.

WEPE On Track To Surpass Pepe Unchained (PEPU) In Terms Of Presale Raise

Wall Street Pepe has already raised more than $49.2 million as an investor frenzy erupts around the new meme coin. That means it’s outperforming at the same stage Pepe Unchained (PEPU), which raised over $74 million in its blockbuster presale last year to clinch the title as the best ICO of 2024.

Purchase WEPE tokens here before a price increase in about 23 hours.

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