Dogecoin Price Forecast: $0.12 Breaks, Could Lead to $1 Rally?
Dogecoin has increased 1.5% in 24 hours to $0.1445 as Donald Trump's election chances remain bright.
DOGE is presently up by 29% in a week and by 37% in a month, with these gains coming on the basis of the coin’s relationship with Elon Musk, who seems poised to play a part in the Trump administration, should the former president win on November 5.
Musk has been talking about building a Department of Government Efficiency (D.O.G.E.), with his words fostering the assumption that the meme token would somehow profit from a second Trump administration.
Even if the former Apprentice star loses next month, Dogecoin is sure to rise with the market, which looks to be positive.
Dogecoin Price Forecast: $0.12 Breaks, Could Lead to $1 Rally?
DOGE has down 1% in the last hour, losing some of its overnight momentum, although it may soon retest its resistance level (red).
After soaring beyond 70 last week, the coin's relative strength index (purple) dipped below 50 yesterday before rebounding to almost 70 this morning.
DOGE has declined again, but it has rebounded, suggesting it is in a medium-term growth phase.
This notion is supported by DOGE's 30-period moving average (orange), which is considerably above the 200-period average (blue) and climbing higher.
Today, DOGE's trading volume is $2 billion, which is impressive for a joke currency.
In the previous week, one whale bought nearly $10 million in DOGE on Robinhood.
Some whales have transferred DOGE to exchanges, but demand is substantial enough to absorb mild profit-taking.
Dogecoin is positive because Donald Trump last month claimed he would name DOGE supporter Elon Musk to lead a government efficiency panel.
Musk calls this commission the “Department of Government Efficiency” (D.O.G.E.), linking it to Dogecoin.
Polls predict a close election, thus Trump may not win on November 5.
Dogecoin might reach $0.20 by November and $0.30 by the end of the year if Trump wins.
