With Donald Trump leading in the presidential election, Dogecoin has outperformed the market. Additionally, Bitcoin trading volume has soared to over $81 billion, nearly double that of the previous day, reaching a new high of $75,000. With this move, Dogecoin briefly surpassed XRP to become the seventh-largest cryptocurrency by market capitalization. Furthermore, the price of MAGA (TRUMP) has also seen a significant increase, with trading volume rising sharply.
Currently, the prices of DOGE and TRUMP are vertically fluctuating, and these tokens may set new highs.
Dogecoin price has maintained a strong upward trend since the low point in October, having triggered a significant surge of nearly 30% since the morning trading session. Trading volume has increased by over 200%, nearing $10 billion for the first time since the 2021 bull market. With the massive influx of trading volume, a strong breakout above the multi-year trendline is expected soon.
The recent trend has helped Dogecoin price break through years of downward trendline after completing a parabolic rebound. The price has surpassed the resistance level, just like in 2021. Therefore, if a similar rise occurs, Dogecoin's price could far exceed $1 in the coming months. The RSI is in an increasing state and is attempting to enter the overbought range. Thus, it is believed that the price will maintain a healthy trend thereafter.
On the other hand, Trump's trading volume has also shown a similar upward trend, with its volume nearing a key resistance level.
With the latest surge pushing the price from around $3.3 consolidation level, the price is trying to enter a critical ascending triangle. Meanwhile, the bears are trying to keep the price below $4.5, leading to a power struggle between bulls and bears. However, the technicals have turned bullish, with RSI rising above the average level, and MACD about to show a bullish crossover. Therefore, the price of MAGA (TRUMP) is expected to rise above $5, which could restore strong gains to double digits.
