Everyone is asking: If Trump wins the US election next week, will Dogecoin skyrocket?
With the hype fueling DOGE's momentum, the trading price of DOGE at the time of writing is $0.16 (24-hour change of -3.74%).
Although the daily chart from the early session yesterday showed some local pullbacks, after a 25% rise on Monday, DOGE is undergoing a correction, with traders eager to solidify this hard-won profit, and everyone is holding their breath for the next move!
Currently, the price of Dogecoin is steadily above the 200-day moving average (200DMA) and is testing the rising 20-day moving average (20DMA) support level located around $0.17.
This trend occurred on Sunday, shortly after the 20DMA formed a golden cross, quickly rising just in time for the bullish momentum brought by Elon Musk's US election campaign.
Yesterday, the consolidation in the $0.15-$0.17 range improved the sentiment of the Relative Strength Index (RSI), dropping from an overheated 81 to a bullish 48. This means that the DOGE cryptocurrency could be gearing up for another surge!
The next target for the DOGE price is $0.2 (up 17.55%), while in case of downside risks, the price could retrace to $0.15 (down 11.85%).
Currently, the price of DOGE offers a risk-reward ratio of 1.48, presenting an excellent entry opportunity, with considerable potential, ready for a strong surge at any moment!
