Dogecoin (DOGE) has gained by 5.86% in the last 24 hours to trade at $0.173 today, July 7, as speculation surges about whether Elon Musk’s America Party is going to endorse DOGE token. Dogecoin historically had rallied on Elon’s endorsements and he has already confirmed his new party will embrace Bitcoin. So, DOGE might be next in line and its a question of debate how high will such an update boost DOGE price?
Can Elon Musk’s America Party Accept Dogecoin?
Following the disagreement between Musk and President Donald Trump about the recently passed Big Beautiful bill, Musk has launched a new political party that he has named the America Party. While making an effort to explain how this new party is going to function, he hinted that it was going to endorse crypto assets.
Musk was responding to a user who asked whether the party was going to accept Bitcoin, to which he said that the fiat system was “hopeless.”
Another user asked Musk about whether Dogecoin will also have a presence in this new party, but Musk did not respond to the query. However, he later retweeted a post by DOGE co-founder Shibetoshi Nakamoto endorsing the new America Party and the benefits it will deliver to US voters.
Earlier, today, the billionaire confirmed that his party will embrace Bitcoin and that he believes fiat currency is hopeless. His post has led to wild speculations that DOGE considering his past interest will next after Bitcoin.
Going by his replies, it is possible that Musk might once again shift his attention to Dogecoin, and this would make it one of the top-performing meme coins in July.
DOGE Price Rally If Elon Endorses Memecoin Again?
Historically Dogecoin price has often reacted positively to endorsements by Musk, as such moves tend to increase retail interest from traders who are looking to make quick profits. If the America Party endorses DOGE , the price will likely confirm the weekly double-bottom pattern that may trigger a 2x rally within a short time.
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.
The first target, as this double-bottom pattern plays out, is at the neckline resistance of $0.259, where the price will face the first obstacle. If it can break this resistance, it might be possible that DOGE price gains by 100% to the price that will most likely be achieved with this pattern at $0.519.
The AO is aligning with this bullish Dogecoin price prediction because it has turned green within the negative region, which usually shows that the sellers are not as active as they were before. At the same time, the CMF indicator is rising, which is a sign that while the buying pressure has been low, it has been gaining strength gradually, and this makes more gains for the DOGE price possible to happen.
Data obtained from Coinglass shows that more gains are possible with DOGE price due to a 250% increase in the altcoin’s trading volumes in the last 24 hours. Such a massive increase usually shows that traders are flocking to take bets on how Dogecoin price is going to perform in the future.
In conclusion, the recent initiative by Elon Musk to launch a party while at the same time endorsing the crypto industry has drawn speculation among some traders about whether he will also return to being a Dogecoin advocate. If this happens, the meme token will confirm the double-bottom pattern and surge by two times to $0.519.
Frequently Asked Questions (FAQs)
Elon Musk’s America Party has not confirmed that it will endorse Dogecoin. However, Musk’s pro-crypto reply saying fiat is hopeless has sparked speculation that this might happen.
If Elon Musk were to endorse DOGE, the price may rally two times to $0.519.
The other factors likely to drive a DOGE price rally include buying pressure and increased interest from speculative traders.
muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience decoding blockchain trends, price movements, and market dynamics. She holds a Bachelor’s Degree in Commerce (Finance) from Kenyatta University, blending a solid academic foundation with a sharp eye for technical analysis and a deep understanding of on-chain data. Her work delivers clear, data-driven insights that empower investors to navigate the fast-evolving digital asset space with confidence. When she’s not analyzing the markets, Mary enjoys reading and travelling.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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