DOGE Up Over 10% as Elon Musk Fuels Anticipation for US Elections

Dogecoin Soars on Election Day

On US Election Day, Dogecoin (DOGE) experienced a significant surge, climbing 11.42% and reaching an intraday high of $0.1669.

Elon Musk's Influence

Dogecoin's rally was fueled by Elon Musk's mention of the Department of Government Efficiency (D.O.G.E.) during a podcast. This connection has sparked speculation about potential benefits for DOGE if Donald Trump wins the election.

Market Trends

Despite fluctuations in the overall cryptocurrency market, Dogecoin has performed well recently. Other memecoins have also experienced declines, but DOGE has maintained its upward trajectory.

Technical Analysis

Dogecoin's technical indicators suggest continued bullish momentum:

• 9-day moving average crossed above the 21-day average
• Trading above both upper and basis lines of Bollinger Bands
• RSI nearing overbought territory, indicating possible correction
• TD Sequential indicator shows buy signal

Resistance and Support

Resistance is expected around $0.1807, while crucial support lies at $0.1432. A further drop to $0.1235 is also possible.