The price of #Dogecoin has risen today, partially due to Donald Trump's slight lead over Kamala Harris in key U.S. states.
Dogecoin Sees Significant Growth Amid Anticipation Around U.S. Elections
Dogecoin has become the top-performing cryptocurrency today, with its rise attributed to the upcoming U.S. presidential election. This interest was further fueled by Elon Musk's recent mention of Dogecoin on Joe Rogan’s podcast.
Pro-Crypto Trump Leads Over Harris in Key States
Dogecoin’s price jumped approximately 14% in the last 24 hours, reaching $0.169, a much higher increase than the cautious growth seen in the broader crypto market. The bullish sentiment among Dogecoin traders aligns with Trump securing a slight lead in four out of six critical U.S. states, including Arizona and North Carolina. On the crypto betting platform Polymarket, Trump has over a 60% chance of winning the 2024 presidential race, increasing his popularity among crypto investors.
Dogecoin, known for its community-driven and highly volatile nature, is benefiting from renewed interest among speculators who view Trump’s potential win as favorable for cryptocurrencies.
Elon Musk’s Support for Dogecoin
Speculative interest in Dogecoin is further fueled by Musk’s support for Trump and his proposal to create a “Department of Government Efficiency” (#doge⚡ ), focused on reducing government waste. This name conveniently shares the same initials as Dogecoin’s ticker, drawing attention from traders.
Dogecoin’s Price Up 21% Since Trump’s Rally at MSG
Since Trump’s rally at Madison Square Garden on October 27, where Musk introduced his DOGE initiative, Dogecoin’s price has surged by 21.80%. In contrast, other meme coins like Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), and Bonk (BONK) have declined by 15.50%, 26.50%, 27.50%, and 30% respectively.
Musk’s specific support for Dogecoin over other meme coins has likely led traders to reallocate funds to DOGE. The recent price surge came shortly after Musk’s mention of Dogecoin on Joe Rogan’s podcast.
Dogecoin’s “Golden Cross” Supports Bullish Trend
Today’s gains in Dogecoin are part of a 40% recovery that followed the formation of a golden cross on its daily chart. This technical pattern, where the 50-day moving average crosses above the 200-day moving average, often indicates a bullish trend.
Dogecoin’s price is also showing a U-shaped recovery after hitting a low on August 5, when it dropped to a six-month low of $0.080.
Key Levels for Dogecoin’s Price
A close above the 0.618 Fibonacci retracement level around $0.171 could push DOGE/USD towards the $0.192–$0.219 area by the end of the month. Conversely, a drop from $0.171 could lead to a retest of the U-shaped support at approximately $0.156.
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