As a seasoned analyst with over two decades of experience in financial markets, I have witnessed many unexpected turns and trends throughout my career. However, the recent surge in Dogecoin (DOGE) has left me genuinely intrigued, especially given its unique connection to the US presidential election and Elon Musk’s involvement.
Despite a general dip in the wider cryptocurrency market prior to today’s US presidential election, Dogecoin (DOGE) has bucked the trend by soaring approximately 10% in the last 24 hours. Over the past three days, DOGE has significantly increased by over 20%, climbing from its Sunday low of $0.14219. This notable growth is believed to be due to speculation surrounding the election and its possible influence on Dogecoin.
Why Is Dogecoin Price Going Up Today?
Multiple cryptocurrency experts view Dogecoin as the primary “Trump bet” within the crypto sector, essentially representing an opportunity to wager on Donald Trump’s victory in the presidential election. This connection arises from Elon Musk’s suggestion of heading a “Department of Government Efficiency” (D.O.G.E.) under a Trump presidency, aimed at decreasing government expenditure.
Runews (@russianmarket) hypothesized that if Trump were to win, Elon Musk might assume a position within the White House, possibly leading to Dogecoin being recognized as one of the official cryptocurrencies. This theory is believed to be contributing to the recent surge in Dogecoin’s value, even while Bitcoin is experiencing a downturn.
In simpler terms, Mammon (@D_DTRADING) pointed out that Dogecoin has been performing exceptionally well, suggesting that this could be connected to Elon Musk’s support for Donald Trump. He proposed the idea that Dogecoin might have turned into a kind of ‘long bet’ on a Trump victory. If Trump wins, then Dogecoin could reach new heights!
Miles Deutscher underscored Dogecoin’s significant impact on the cryptocurrency market: “The D.O.G.E initiative is set to boost Dogecoin, and it already demonstrates power as a stand-in. As the meme trendsetter, Dogecoin will also attract interest and liquidity shifts towards the larger meme story. Visualize it as the match that ignites the flame.
Previously employed as an investment bank trader, Pablo Heman (@RealPabloHeman) remarked that “Dogecoin stands out as the lone ‘green’ amidst a vast expanse of ‘red’ cryptocurrencies,” suggesting a possible link between Dogecoin’s performance and political events.
He pointed out: “The polls are confusing and contradicting, and actually they are FAKE! But the market does not lie! There is a clear, late surge in DJT the Trump stock, which is now making a Bullish Engulfing Pattern over yesterday’s red bar. […] And also DOGE is the only green in a sea of red cryptos. So just keep in mind Trump = DJT and Elon Musk = DOGE.”
Andria Capellini, the creator of Freedom Trading Academy, showed optimistic views about Dogecoin’s possible growth, implying that if Donald Trump and Elon Musk were to succeed in their respective endeavors, Dogecoin (DOGE) might reach $0.47. Capellini’s technical examination emphasizes crucial Fibonacci retracement points derived from the low at $0.05237 up to the recent high at $0.59546.
Significantly, Dogecoin’s price is now trying to push past a resistance area that hovers around $0.21544. Overcoming this resistance might lead to Capellini’s projected price of $0.47. The Relative Strength Index (RSI), a measure of momentum, currently reads 62.72, situating it in the upper neutral zone. This value suggests an increase in bullish energy without yet reaching overbought levels (above 70). The current RSI value lends support to a tentatively optimistic view that the uptrend will persist.
Furthermore, the weekly chart for Dogecoin shows a bullish trend marked by recurring low points higher than the previous ones and high points also on an upward trajectory – a typical indication of a prolonged rise. Yet, DOGE is presently contending with a declining trendline that has historically served as resistance. A definitive break above this line becomes vital to reach anticipated price goals, like Capellini’s prediction of $0.47.
At press time, DOGE traded at $0.16816.
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2024-11-05 14:46