Dogecoin started to make a name for itself in the crypto world as the US elections approached. However, the huge increase in its value has brought about many discussions about what momentum it can gain with the possible victory of Donald Trump. Additionally, Elon Musk’s support for Dogecoin further fuels these speculations. Some analysts believe that DOGE has serious upside potential.
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 this prediction on the expectation that Elon Musk and the Trump administration will humorously interact over the so-called “Department of Government Efficiency” (DOGE) concept. In the past, we have seen how Musk’s posts about Dogecoin sent the price soaring. Therefore, a similar scenario will mobilize the market again.
Elon Musk has never hesitated to support Dogecoin. Also a tweet line he posted recently. In the tweet, he even humorously shared the possibility of the mainstream media making fun of the DOGE concept. Dogecoin co-founder Billy Markus also said that Trump’s victory could usher in a positive period for DOGE. Additionally, Markus believes that with Musk’s support, Dogecoin will enter a bull run.
Dogecoin Strategic Location
Analyst, Master Kenobi, thinks that Dogecoin is currently in an interesting and strategic position in the crypto world. Additionally, Kenobi thinks that Musk’s DOGE concept will have a major impact on increasing the price of Dogecoin. There are even those who expect Musk to actually “send the meme coin to the moon” by sticking a Dogecoin sticker on a SpaceX rocket!
Analyst Kevin Capital states that a strong bull formation formed on Dogecoin’s price chart before the election. The combination of gold crossover signals and the DOGE concept will take DOGE much higher. Such developments have already increased investors’ interest in Dogecoin.
Latest Status in Dogecoin Price
In the last 24 hours, Dogecoin increased by 8.28% to $0.1565. DOGE, which opened the day at $ 0.1443, hit the highest $ 0.1599. This represents an increase of 44% in the last month. Analysts predict that the price could rise to $0.17 if the $0.16 resistance level is broken. If this resistance is overcome, even $0.2 levels will be seen.
Technical indicators for Dogecoin are also promising. The MACD indicator shows a slight 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 transaction volume in the Derivatives market is increasing, Coinglass data also indicates activity in derivative transactions for Dogecoin. All these data will further strengthen Dogecoin’s upward potential. Despite all this information, it should not be forgotten that mme coins are high-risk assets, as we reported as Kriptokoin.com. It is important for investors to do their own analysis.
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