Dogecoin eyes 30% gain as market 'prices in' potential Trump victory

Dogecoin Poised for Upside on US Election Anticipation

Dogecoin (DOGE), a prominent cryptocurrency, has experienced a 12% surge in the past 24 hours. Its positive sentiment stems from the upcoming US presidential election, with markets anticipating a Republican victory.

Since October 1, DOGE has risen 65%. If Donald Trump is elected as the 47th US president, analysts predict an additional 30% increase within hours.

Strategic Positioning in Election Results

Crypto analyst Master Kenobi believes DOGE is strategically positioned for the US presidential elections. A long-term weekly chart indicates a pattern of price oscillation within an ascending channel since 2017. After each Bitcoin halving, DOGE has bottomed near the undervalued region and surged to the overvalued region.

This analysis suggests DOGE's long-term target is around $11 in 2025, representing a 6,447% return on investment.

Elon Musk's Influence

Tesla CEO Elon Musk's support for DOGE has been well-documented. His recent proposal for a "Department of Government Efficiency" with the initials D.O.G.E has further boosted its popularity.

This has led to an increase in on-chain activity, with a 100% surge in new DOGE addresses since October.

Technical Outlook

DOGE's daily chart shows a bullish trend. A daily close above $0.174 could trigger a 35% rally towards $0.23. Additionally, trader Mikybull Crypto notes the formation of a golden cross on the weekly chart, which historically has preceded significant price gains.

Disclaimer: This article does not provide investment advice. Conduct thorough research before making any financial decisions.