.png){kind=logo}
Dogecoin, a popular meme-based coin, has recorded a spike, having its value rise by 12% within the last 24 hours. Some of the increase is attributed to the upcoming announcement of the U.S. presidential elections, with the market anticipating a Republican win to boost the cryptocurrency market. Dogecoin has risen by 65% since the start of October and could still rise further depending on which way the election outcome, according to analysts.
Master Kenobi, an independent crypto analyst, has stated that Dogecoin is "strategically positioned" for the U.S. presidential election results. Historical data shows Dogecoin oscillating within an ascending channel since early 2017, suggesting a pattern of significant rallies post-major crypto events like the Bitcoin halving.
The correlation between political events and cryptocurrency pricing is becoming increasingly evident. Dogecoin, particularly, has responded to the U.S. election cycle with substantial price movements. Analysts predict a 30% price increase should Donald Trump secure the presidency, mirroring similar crypto market responses to global political shifts.
Moreover, the involvement of high-profile endorsements, such as Elon Musk's advocacy for Dogecoin through social media and public engagements, continues to influence its market position. Musk's proposal to establish a "Department of Government Efficiency," humorously acronymised as D.O.G.E, has also sparked interest among investors, aligning with a surge in new Dogecoin addresses, which doubled in late October.
From a technical standpoint, Dogecoin's daily trading patterns are beginning to reflect investor optimism for a Republican victory in the elections. The cryptocurrency outperformed major players like Bitcoin and Ethereum in early November. If Dogecoin closes above the resistance level of $0.174, it could climb by 35% to reach near yearly highs of $0.23.
Additionally, a golden cross on Dogecoin’s weekly chart, a bullish indicator last seen in 2020 leading to unprecedented gains, suggests potential for substantial long-term growth. This setup forecasts a possible repeat of the massive returns experienced in 2021, reinforcing the optimistic outlook for Dogecoin as the political landscape unfolds.
