Dogecoin (DOGE) tem tido um desempenho muito forte recentemente, subindo 12% nas últimas 24 horas. Como moeda meme, o DOGE atraiu muitos sentimentos positivos do mercado quando os resultados das eleições presidenciais dos EUA estão prestes a ser anunciados, especialmente porque o mercado geralmente espera que o Partido Republicano possa vencer.
Dogecoin tem tido um desempenho particularmente bom no quarto trimestre, subindo 65% desde 1º de outubro. Se Donald Trump conseguir ser eleito o 47º Presidente dos Estados Unidos, o DOGE poderá aumentar mais 30% em apenas algumas horas.
DOGE é uma das criptomoedas mais “posicionadas” nas atuais eleições presidenciais dos EUA
Some traders have noted that on the weekly timeframe, Dogecoin has been trading inside an ascending channel since early 2017.
Every time Bitcoin has undergone a halving event, DOGE’s price has tended to find support near the lower boundary of the channel (blue line) before rallying to the upper boundary or overbought area (red line).
Analysts have a long-term target of around $11 for Dogecoin in 2025, which would represent a 6,447% return on investment (ROI) from the current price.
It is important to note, however, that while historical price action often repeats itself, such targets are not set in stone.
Recently, the number of new Dogecoin addresses has surged by 100%
Meanwhile, Elon Musk’s personal relationship with DOGE has also been in the spotlight, especially after he proposed the creation of a “Department of Government Efficiency” (D.O.G.E) — the same acronym as Dogecoin — which has brought the coin further into the limelight.
These factors could potentially contribute to bullish on-chain metrics. According to data from IntoTheBlock, the number of new Dogecoin addresses has increased by 100%, reaching nearly 48,000 by the end of October.
The increase in new Dogecoin addresses could be a sign that investors are rotating their funds into DOGE as they await the outcome of the U.S. election.
Dogecoin has been sensitive to such positive catalysts in the past, and a Trump victory could trigger a chain reaction that further cements Musk’s position and, in turn, boosts DOGE in the short term.
From a technical perspective, DOGE’s daily chart seems to be pricing in anticipation of a Trump victory. The meme coin has outperformed Bitcoin (BTC) and Ether (ETH) in November and is currently hovering at a strong resistance area.
Should Dogecoin produce a weekly close above $0.174 — the upper boundary of the resistance — it could open the door for a 35% upswing, with the target likely sitting around $0.23, near this year’s highs.
Meanwhile, trader and economist Mikybull Crypto noted that Dogecoin is on the verge of printing its first-ever golden cross on the weekly chart, a bullish signal. Notably, a similar golden cross appeared in November 2020, after which DOGE’s price went on to rally by 20,000% to hit an all-time high of $0.74 in May 2021.
