The Dogecoin price climbed 4% in the last 24 hours to trade at $0.1742

The Dogecoin price rose 4% in the last 24 hours to trade at $0.1742 at press time.

Its 24-hour trading volume surged 22% to $1.3 billion.

This rise in the DOGE price comes after Elon Musk signaled that he might be planning to step down from his cost-cutting role at the Department of Government Efficiency (D.O.G.E) by the end of May after reducing the U.S. deficit by $1 trillion.

When he achieves a $1 trillion reduction in the U.S. deficit, Musk believes his mission will be complete.

But here’s the real question:

Is this the kind of… pic.twitter.com/cXqVdp27xs

— Joseph Valente (@MrJosephValente) March 31, 2025

Musk said “he’s done”, and his team averaged $4 billion a day, indicating that most of the work required was to reduce the deficit by a trillion dollars within 130 days.

Dogecoin Price Aims For A Bullish Breakout

The daily chart of the DOGE price exhibits a falling wedge pattern, a bullish reversal setup that typically indicates a potential breakout to the upside.

The Dogecoin price has been in a downtrend since its peak, forming lower highs and lower lows within the wedge structure.

This pattern suggests that selling pressure is weakening, and a breakout could be imminent if bullish momentum builds.

A notable event on the chart is the fake out above the wedge, where the price of DOGE briefly surged beyond resistance before falling back into the pattern.

This false breakout likely trapped buyers and added to the ongoing downtrend.

DOGE is currently attempting another move near the upper trendline of the wedge, signaling that buyers are testing resistance once more.

The 50-day Simple Moving Average (SMA) at $0.2032 and the 200-day SMA at $0.2548 are positioned above the current price, reinforcing a bearish trend, according to GeckoTerminal data.

The Relative Strength Index (RSI) is at 44.67, which indicates neutral momentum but leans slightly toward bearish territory.

However, the Moving Average Convergence Divergence (MACD) shows signs of an incoming bullish trend, with the blue MACD line crossing above the orange signal line, forming a bullish crossover.

Is A DOGE Rise To $0.3 Next?

According to the DOGE/USDT chart analysis, the DOGE price action suggests that a breakout from the falling wedge is highly probable in the near future.

If the price of Dogecoin successfully breaks above the wedge resistance and reclaims $0.20 (50-day SMA), the next key resistance would be around $0.25 (200-day SMA).

A confirmed breakout above $0.25 could lead to a stronger rally toward $0.30 and beyond.

On the downside, if DOGE fails to maintain support above $0.15, the bearish trend could continue, pushing prices toward lower support levels around $0.12 or lower.

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