Dogecoin Price Surges 5% Amid Elon Musk’s ‘America Party’ – Bulls Eye $0.22 Mark

Highlights:

• Dogecoin is trading at a 5.56% gain, currently priced at $0.17, with a 306% increase in trading volume.
• The recent change can be credited to the recent formation of the America Party by Elon Musk.
• The derivatives market for DOGE exploded, indicating that new investors are entering the market.

The price of Dogecoin has also been on a strong bullish run, surging by 5.56% to reach the mark of 0.17. It is worth noting that its 24-hour trading volume jumped by 306%, indicating increased market activity. This is after Elon Musk launched his own party called the America Party.

His idea of the third political party would be more controversial because this would bring a new dimension to politics in America. The influence of the new political movement on the Dogecoin market cannot be overlooked. This is because Musk has had a profound influence on the cryptocurrency market, particularly in the case of DOGE. This news has unsettled the broader market and sparked renewed interest in Dogecoin (DOGE). 

Former DOGE chief @elonmusk says he's launching the third party "America Party" after President Trump signs a historic spending bill that he vocally opposed. pic.twitter.com/5PaH0OJtM3

— Fox News (@FoxNews) July 5, 2025

Meanwhile, Dogecoin has experienced a gradual increase of 5.56%, resulting in a value of $0.1726. Today, the market is experiencing volatility, with trading volume climbing 261% to $4.88 billion. The volume of trading has increased, indicating greater interest and activity in the DOGE market as a result of the political shift and Musk’s ongoing presence on social media.

The open interest has also increased by 9.53% to reach $2.13 billion, prompting increased participation from both institutional and retail investors. The surge is a sign that these traders are seeking to capitalize on the potential of Dogecoin. The Long-to-Short sits at 1.04, indicating a bullish bias in the market. 

Dogecoin Price Shows Signs of Life as Technical Indicators Flash Bullish

As of July 7, the price of Dogecoin has been moving slightly up and down consistently. Although there is overall volatility, the price has advanced by 0.35%, currently trading at 0.1726. Over the past few months, the dog-themed memecoin has recorded unstable prices, reflecting price corrections. However, the bulls are showing signs of life, as they target the immediate key barriers at $0.18 and $0.22, aligning with the 50-day and 200-day MAs.

The Relative Strength Index (RSI) is 50.96, indicating a neutral market mood. Primarily, it is interpreted that a value exceeding 50 indicates a bullish market trend, and it can continue to rise. Above 0.1861, there is a likelihood that the trend will shift upward, reaching 0.2269, and this will also attract more buyers.

Additionally, the MACD continues to move bullishly as it crosses the signal line. This means that traders may freely purchase a larger amount of DOGE if the MACD remains unchanged. 

DOGE Bulls Eye $0.22 in the Short-Term

The future of Dogecoin looks promising, following recent interest sparked by Musk’s creation of a new political party. Moreover, bullish momentum is building in the market, with buyers aiming for the immediate resistance at $0.18.Meanwhile, popular analyst Ali Martinez recently noted that if the Dogecoin price remains above the $0.15 area, a rally to $0.22 could be imminent. 

The longer Dogecoin $DOGE stays above $0.15, the stronger the odds for a rebound to $0.22! pic.twitter.com/LJe4ZVC8VE

— Ali (@ali_charts) July 5, 2025

On the downside, if the resistance levels prove too strong,  DOGE could consolidate or drop further towards $0.16-$0.14 support zones.