Despite its historical association with Elon Musk, who was previously a significant force behind the memecoin's market fluctuations, Dogecoin's price has been pretty stable recently. The fact that The Dogefather hasn't been able to lead any significant rallies suggests that the cryptocurrency market may have developed past the level of celebrity endorsements. But now that Musk has openly backed Donald Trump and made fun of the acronym D.O.G.E. in his political quips, the cryptocurrency community might want to pay attention to the next election.
Investors in Dogecoin may be wondering what would happen if Trump loses the 2024 election when he runs against Vice President Kamala Harris. After all, the former president, who has positioned himself as a supporter of cryptocurrencies, has the power to influence the laws governing virtual currencies like Dogecoin.
Given this dynamic, let's investigate the potential effects of a Trump defeat on Dogecoin.
It's interesting to examine Elon Musk and Donald Trump's connection, particularly in light of cryptocurrency. Trump, who was an ardent opponent of cryptocurrencies during his first term, took a major turn in the run-up to the 2024 election and emerged as one of the first contenders who was supportive of them.
Furthermore, Trump positioned himself as the first "crypto president," announcing that he was pro-Bitcoin and even incorporating cryptocurrency donations into his campaign.
In the event that Donald Trump loses the 2024 election, Dogecoin will probably suffer. Trump has publicly supported legislation that would be beneficial to digital assets and has positioned himself as the candidate who is pro-crypto.
The loss of the previous US president would probably raise concerns about regulations once again, particularly under the Harris administration, which might not be as supportive of cryptocurrency. Furthermore, Gary Gensler would probably breathe a sigh of relief if Trump lost.
Furthermore, any pro-crypto momentum may be stifled by the change in governmental power, which would be detrimental to Dogecoin and other digital assets.
Elon Musk's political position might be weakened by a Trump defeat as well. Musk sided with Trump's beliefs and came up with the somewhat unoriginal nickname "Department of Government Efficiency" (D.O.G.E.). If Trump loses, Musk's influence over crypto legislation would decrease, which might negatively affect the attitude of the Dogecoin market.
Furthermore, it appears that the memecoin is become less susceptible to hype, as seen by the market's recent lack of reaction to Musk's Dogecoin-related shenanigans.
But if political winds pick up, there's a chance that Dogecoin volatility may flare up again, particularly if regulatory pressure builds. Dogecoin's future may depend on whether the cryptocurrency market keeps developing on the basis of usefulness rather than excitement or whether it once again opens itself up to outside political influences.
The descending triangle is seen by analysts as a negative continuation pattern. A flat lower trendline acts as steady but deteriorating support, while a dropping upper trendline compresses price movement into lower highs in this arrangement.
The pattern indicates increasing selling pressure, which leads to more feeble rallies that find it difficult to break through resistance.
By determining the triangle's greatest height, traders in this configuration assess the possible downside. The price of Pepe currency just broke out of its falling triangle, but bulls were able to pull it back inside the pattern.
However, the price of DOGE might drop by around 61% and reach a target close to $0.04 if the DOGE USD pair validates the bearish pattern.
Given the state of the market, a breakthrough below the pattern would damage DOGE values and perhaps lead to losses for the trading pair.
$DOGE
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