Dogecoin Price Bounces In A Bullish Reversal as New Department of Government Efficiency Forms

The Dogecoin price has surged 7% in the last 24 hours to trade at $0.36 as of 3:30 a.m. EST on a 25% pump in trading volume to $8 billion.

The Dogecoin price has surged 7% in the last 24 hours to trade at $0.36 as of 3:30 a.m. EST on a 25% pump in trading volume to $8 billion.

This jump in the DOGE price comes shortly after US President Donald Trump’s inauguration, where he announced the formation of the new Department of Government Efficiency (D.O.G.E.).

BREAKING: Trump forms the Department of Government Efficiency by executive order.

Trump says there will be an office for ~20 people to make sure DOGE's mission is fulfilled. pic.twitter.com/4fcrXaA1Ge

— Eric Daugherty (@EricLDaugh) January 21, 2025

The announcement has not only fueled increased activity across the Dogecoin network but also sparked diverse reactions in the prices of both DOGE and its parody tokens, according to on-chain data.

Under the leadership of technocrat Elon Musk, the department initially had no direct connection to the largest meme coin on its website. However, on Tuesday, the site began featuring the Dogecoin token logo.

Dogecoin Price Bounces In A Bullish Reversal

The DOGE/USDT on a 1-day timeframe illustrates the potential for a bullish “Cup and Handle” pattern, a reliable continuation setup in technical analysis. This pattern indicates the resumption of an uptrend following a consolidation phase.

The base of the cup lies around $0.30, while the peak reaches $0.40, creating a $0.10 range. If the Dogecoin price successfully breaks above the $0.40 resistance level, it could rally toward the projected target of $0.50, derived from adding the cup’s height to the breakout point. This $0.50 level represents a significant psychological and technical milestone, especially for bullish traders seeking confirmation signals.

DOGEUSDT Analysis Source: TradingView

There is also a strong support zone between $0.30 and $0.32, where buyers have consistently stepped in to defend the price during pullbacks. This support is further reinforced by the trendlines marked on the chart. The LuxAlgo indicator displays a series of “Buy” signals (“B”), suggesting favorable conditions for upward movement.

Current resistance is massed between $0.39 and $0.40, corresponding to the downward trendline that has kept the price in a consolidation phase. A decisive breakout above this zone would likely invite further buying pressure.

Meanwhile, the RSI at 51 reflects neutral momentum, leaving room for either a bullish or bearish development. A rise in RSI above 60 would indicate strengthening bullish momentum, while a drop below 40 might signal growing bearish pressure. With the current price at $0.36476, the market is poised at a critical inflection point, awaiting a breakout or breakdown to define its next move.

Even as the Dogecoin price gears up for the next leg up, investors are adding more money to the new Pepe derivative Wall Street Pepe (WEPE) as it blasts past $55 million in presale, which has only 25 days remaining until it ends.

The WEPE presale is already turning heads as the standout presale of 2025, with ambitious goals to become one of the most successful in history. The project is all about creating a collaborative platform where members can share market insights, identify early trade opportunities, and work together to achieve significant returns.

Green loaded. Vibes coded. Join the ride. 🐸 ⚔️ pic.twitter.com/Nfh6xy7GGD

— Wall Street Pepe (@WEPEToken) January 21, 2025

What’s really exciting is how WEPE plans to empower smaller traders by giving them the power to collectively decide which projects to back. The aim is to level the playing field and reduce the dominance of whale investors in the crypto market.

In addition, investors can benefit from a 25% annual staking yield, making it an attractive option for those seeking passive income.

Crypto analyst and YouTuber ClayBro, who has over 134K subscribers, is bullish on WEPE, predicting it could see a massive 100X pump when it launches.

To join the presale, you can buy WEPE tokens for $0.0003665 using ETH, USDT, or even a bank card. But don’t wait too long as the presale ends in just over 25 days.

Buy WEPE tokens here before it’s too late.