DOGEUSD – Daily Chart
The price of DOGEUSD has a chance to push for resistance at the $0.3979 level. The higher resistance is at the $0.4801 level.
Elon Musk has aligned himself closely with Trump and has even named his efficiency work group as DOGE. It’s possible that Musk will create a use case for the coin that the market has craved for a long time.
Bitcoin was able to find support at the crucial $94k level and was able to rally back to $100k. DOGE has been able to move higher and will continue to follow BTC strength which will also depend on the actions of the new President.
Dogecoin trading reached $4.27 billion in open interest ahead of the inauguration, with Gate exchange leading the market at 4.89 billion DOGE. This is a change from previous months when Binance had the top exposure to DOGE. Binance now ranks second with 2.15 billion coins in open interest. Open interest has increased between January 14 and 15, with over $400 million in new purchases.
The market is showing a lot of confidence in the incoming President and a large part of crypto’s recent rally hinges on his efforts in the new year. The incoming President will have a lot to consider as he seeks to end wars, apply tariffs, change market regulation, energy regulation, and also deal with the recent California wildfires.
Crypto may not be top of the list for Trump but we will see how it develops in the next week.
DOGEUSD has set its levels for resistance and will look for a catalyst to drive the price there.