Everyone is asking: If Trump wins the U.S. election next week, will Dogecoin skyrocket?
With the hype boosting DOGE's momentum, at the time of writing, DOGE's trading price is $0.16 (24-hour change is -3.74%).
Although yesterday's early daily chart showed some local pullbacks, after a 25% rise on Monday, DOGE is undergoing a correction, and traders are eager to solidify these hard-earned gains, all holding their breath for the next move!
Currently, Dogecoin's price is firmly above the 200-day moving average (200DMA) and is testing the support level of the rising 20-day moving average (20DMA) around $0.17.
This trend occurred on Sunday, shortly after the 20DMA just formed a golden cross and quickly rose, coinciding with the bullish momentum brought by Elon Musk's U.S. election campaign.
Yesterday, the consolidation in the $0.15-$0.17 range improved the Relative Strength Index (RSI) sentiment, dropping from an overheated 81 to a bullish 48. This indicates that DOGE cryptocurrency may be poised for another surge, ready for a new upswing!
The next target for DOGE price is $0.2 (up 17.55%), and if there is a downside risk, the price may retreat to $0.15 (down 11.85%).
Now, DOGE's price offers a risk-reward ratio of 1.48, presenting an excellent entry opportunity, with considerable potential for a strong upward movement at any time!
