Elon Musk Returns to Trump Administration Dogecoin Traders Watch for Rally
Elon Musk has rejoined the Trump administration as co-director of Project Meridian, a Pentagon initiative focused on future warfare. This role, announced by MITRE, marks his return to an official advisory position after leaving the Department of Government Efficiency last year. The news has sparked interest among Dogecoin (CRYPTO: DOGE) traders, who are watching for a potential 10% rally similar to the one that followed his last appointment.
The broader market impact of Musk’s past moves has been notable. Tesla (NASDAQ: TSLA) and SpaceX (NASDAQ: SPCX) have seen gains of about 8% and 15%, respectively, since his latest appointment. Crypto analyst Ali Martinez highlighted that Musk’s return brings him back into an official advisory role, reigniting investor interest.
Historically, Dogecoin has reacted to Musk’s involvement, particularly when past projects carried the DOGE name. However, Project Meridian has no direct link to Dogecoin, meaning any potential rally would depend solely on investor sentiment. Currently, Dogecoin is trading just above key moving averages, with the 20-day EMA at $0.0931 and the 200-day EMA at $0.0933. The RSI stands at 58.42, indicating moderate momentum with room for growth.
Key levels to watch for Dogecoin include $0.10 as resistance and $0.086 as deeper support at the 100-day EMA. A push through resistance could target fresh highs, while a drop below support might signal a downturn.