As an experienced researcher who has been observing and analyzing the crypto market for several years now, I find myself intrigued by the current momentum surrounding Dogecoin (DOGE). The 12% surge over the past 24 hours and the potential 30% rise if Donald Trump is elected as the 47th US president has certainly caught my attention.
Dogecoin (DOGE), a popular meme-based cryptocurrency, experienced a notable surge of approximately 12% within the last 24 hours. This increase in value is due in part to optimistic feelings surrounding the upcoming US presidential election results, as many financial markets are expecting the Republican party to emerge victorious.
As a financial analyst, I’ve observed that from October 1st to Q4, Dogecoin has experienced a significant surge of approximately 65%. If, hypothetically speaking, Donald Trump were to be elected as the 47th President of the United States, it is speculated that this crypto asset could potentially see an additional increase of around 30% almost immediately.
DOGE is “strategically positioned” amid US election results
Mentioning the U.S. presidential elections, Master Kenobi, an individual expert in cryptocurrencies, highlighted Dogecoin as being strategically situated in a unique way among other digital currencies.
The trader emphasized a long-term weekly graph depicting Dogecoin moving within an upwardly sloping channel’s boundaries since early 2017. After the Bitcoin halving, Dogecoin’s price has consistently dipped near the lower, presumably undervalued zone (represented by the blue line), which was often followed by a sharp surge towards the higher, overvalued region (the red line) within the channel.
From our evaluation, it appears that by the year 2025, Dogecoin might potentially reach approximately $11. This would equate to an impressive return of about 6,447% if you were to invest in it now.
Keep in mind that while there’s a pattern of recurring price movements in the past, setting a specific target price beyond this point remains open to much discussion.
New DOGE addresses spike by 100%
Elon Musk’s connection with Dogecoin is often highlighted, and it grew even stronger when he suggested creating a “Department of Government Efficiency” to streamline government operations and save taxpayers money. Interestingly, the proposed agency’s initials are D.O.G.E., mirroring the cryptocurrency’s stock symbol.
This situation could have resulted in an enhancement of on-chain metrics, as suggested by IntoTheBlock’s data which shows a 100% jump in newly created Dogecoin addresses, approaching nearly 48,000 by the end of October.
It’s probable that the increase in new accounts is because new investors are putting their money into Dogecoin ahead of the announcement of the U.S. election results.
Dogecoin tends to respond favorably to such optimistic triggers, and a win for Trump could initiate a chain reaction that boosts Elon Musk’s standing and might provoke a brief surge in Dogecoin prices.
Technically speaking, the DOGE cryptocurrency appears to be anticipating a Trump win, as indicated by its daily chart. In November, it surpassed both Bitcoin (BTC) and Ether (ETH), and at present, it’s found within its resistance zone above.
If the Dogecoin price manages to end each day above $0.174 (its current resistance level), it would pave the way for a potential 35% increase, taking it up to around $0.23 – a level very close to its annual peak.
Currently, financial analyst and crypto trader Mikybull Crypto has pointed out that Dogecoin may soon form a golden cross on its weekly chart for the first time since 2020.
A golden cross on a chart is interpreted as a positive or bullish indication. For instance, when such a signal appeared in November 2020 for Dogecoin, it resulted in a staggering 20,000% return on investment (ROI) by May 2021, with the coin reaching its peak value of $0.74 at that time.
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2024-11-05 21:23