Dogecoin has started to make a name for itself in the crypto world as the US elections approach. However, the huge increase in its value has brought with it many discussions about how it could gain momentum with the possible victory of Donald Trump . In addition, Elon Musk’s support for Dogecoin further fuels these speculations. Some analysts believe that DOGE has serious potential to rise.
DOGE and Trump Scenario
So what will Trump’s presidential victory mean for Dogecoin? Crypto analyst and trader Satoshi Flipper claims that DOGE could reach $1 if Trump wins. He also bases his prediction on the expectation that Elon Musk and the Trump administration will interact humorously over the so-called “Department of Government Efficiency” (DOGE) concept. In the past, we have seen how Musk’s posts about Dogecoin have sent the price soaring. Therefore, a similar scenario will again move the market
Elon Musk has never hesitated to support Dogecoin. He also tweeted a line the other day. He even humorously shared the possibility of mainstream media making fun of the DOGE concept in the tweet. Dogecoin co-founder Billy Markus also said that Trump’s victory could start a positive period for DOGE. Markus also believes that DOGE will enter a bull run with Musk’s support.
Dogecoin Strategic Position
Analyst, Master Kenobi, thinks that Dogecoin is currently in an interesting and strategic position in the crypto world. Kenobi also thinks that Musk’s DOGE concept will have a big impact that will increase the price of Dogecoin. There are even those who expect Musk to really “send” the meme coin to the moon by putting a Dogecoin sticker on a SpaceX rocket!
Analyst Kevin Capital states that a strong bullish formation has formed on Dogecoin’s price chart before the election. The combination of golden crossover signals and the DOGE concept will push DOGE much higher. Such developments have already increased investors’ interest in Dogecoin.
Latest Situation in Dogecoin Price
In the last 24 hours, Dogecoin rose by 8.28% to $0.1565. DOGE, which opened the day at $0.1443, saw a peak of $0.1599. This means a 44% increase in the last month. Analysts predict that if the $0.16 resistance level is broken, the price could rise to $0.17. If this resistance is also overcome, even $0.2 levels will be seen.
Technical indicators for Dogecoin are also promising. The MACD indicator shows a small upward trend. Chaikin Money Flow (CMF) is at 0.26, which shows that there is still a serious capital inflow in the market. While the trading volume in the Derivatives market is increasing, Coinglass data also indicates movement in derivative transactions for DOGE. All this data will further strengthen Dogecoin’s upward potential. Despite all this information, as we reported at Kriptokoin.com, it should not be forgotten that mme coins are high-risk assets. It is important for investors to do their own analysis.
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