As a seasoned crypto investor with a knack for spotting promising opportunities and an eye for market trends, I find myself intrigued by the current state of Dogecoin (DOGE). With my fingers crossed, I’m optimistic about its potential growth, especially if Donald Trump wins the upcoming U.S. election.
On Monday, the price of Dogecoin remained stable, surpassing many other major cryptocurrencies, as investors paid close attention to the U.S. presidential election taking place on Tuesday.
The most popular meme cryptocurrency, Dogecoin (DOGE), experienced a 10% rise, climbing up to $0.1570, which is a significant jump from its lowest point on Sunday.
According to certain experts, the value of this coin might rise significantly due to robust technical signals and the potential triumph of Donald Trump. In a post on platform X, AMCrypto – a well-known analyst with 12,000 followers – forecasts that DOGE could surge up to $1 during this bull market, which represents an approximate increase of 540% from its current value.
Despite a wider market adjustment, $DOGE remains robust. It has broken free from its 658-day period of restraint and is now moving towards an expansive phase. A dollar value for $DOGE is still plausible during this bull trend 🚀
— AMCrypto (@AMCryptoAlex) November 3, 2024
The cryptocurrency Dogecoin exhibits further optimistic technological signals, as demonstrated in the diagram: It appears to be forming a ‘cup and handle’ chart pattern, which is often associated with bullish trends. The current dip could be a component of the ‘handle’ phase.
Significantly, Dogecoin has experienced a golden crossover, as its 50-day and 200-day Exponential Moving Averages have intersected. Furthermore, it has climbed beyond the 50% Fibonacci retracement mark.
It seems quite plausible that Dogecoin (DOGE) could surge and attempt to reach its highest point this year ($0.2286), representing approximately a 47% jump from its present value.
Despite a general market downturn, $DOGE remains robust. It has managed to break free from its 658-day period of consolidation and is now moving towards an expansion phase. The possibility of $1 DOGE still stands firm in this bullish trend 🚀
— AMCrypto (@AMCryptoAlex) November 3, 2024
Dogecoin could do well if Trump wins
The primary motivating factor for Dogecoin at present is the upcoming U.S. election, and it’s expected that Donald Trump might have an equal chance (50-50) of being elected.
Cryptocurrency investors view Trump positively because he has promised to enact policies that are friendly towards them.
He has also pledged to appoint Elon Musk to lead the Department of Government Efficiency, aiming to cut at least $2 trillion in costs.
Musk, a well-known advocate for Dogecoin, permits Tesla goods to be bought using this cryptocurrency and is recognized for owning some Dogecoins himself.
There’s a chance Trump might not emerge victorious in the election. Furthermore, it seems that the two candidates are almost neck-and-neck in key battleground states. Historically, polling data has proven unreliable, as we’ve seen with past elections like 2016 and the midterms.
If Kamala Harris wins, Dogecoin’s price may retreat to $0.12 before resuming its upward trend.
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2024-11-04 19:47