Dogecoin price has increased by 1.5% over the past 24 hours, to $0.1445, as the meme token continues to benefit from optimism surrounding Donald Trump's election prospects.
DOGE is now up 29% in a week and 37% in a month, with the gains being driven by the coin’s association with Elon Musk, who appears poised to take on a role in the Trump administration, should the former president win on November 5.
Musk has talked about creating the Department of Government Efficiency (DOGE), with his statements creating expectations that the meme token would somehow benefit from a second Trump term.
But even if the former Apprentice star doesn't win next month, Dogecoin's price is likely to continue rising along with the rest of the market, which appears to have entered a more bullish phase.
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In fact, DOGE is down 1% in the last hour, so the price has lost some of its overnight momentum, although there is a chance that the price will soon retest the resistance level (red).
After rising above 70 late last week, the currency's relative strength index (in purple) dipped below 50 yesterday, but then rose back to near 70 this morning.
Although the price has since pulled back, the fact that the price has recovered from the previous drop suggests that DOGE is in a mid-term growth phase.
DOGE's 30-period moving average (orange) supports this view as it is well above the 200-period moving average (blue) and is rising further above the latter.
What's also good is that DOGE's trading volume is now at $2 billion, which is very high for a meme coin.
In fact, the past week has seen some major transfers involving DOGE, as one whale bought over $10 million worth of the token on Robinhood.
While we are also seeing some whales moving DOGE to exchanges, current demand is still high enough to absorb any modest profits.
As mentioned above, Dogecoin's bullish trend was sparked by Donald Trump, who last month announced he would appoint longtime DOGE fan Elon Musk to head a committee on government efficiency.
And Musk himself has linked this committee to Dogecoin by calling it the “Department of Government Efficiency” (DOGE).
Of course, Trump may not even win on November 5, when polls show it will be a very tight race.
Assuming Trump wins, Dogecoin's price could hit $0.20 by the end of November, before hitting $0.30 by the end of the year.
