Home > Information news > Dogecoin price is holding steady as crypto pro sees more gains

Dogecoin price is holding steady as crypto pro sees more gains

Release: 2024/11/05 00:34 Reading: 326

Original author:crypto.news

Original source:https://coinmarketcap.com/community/articles/6728f0a5181323621f07cbe3

Dogecoin price is holding steady as crypto pro sees more gains

Dogecoin Upholds Stability, Surpassing Peers Amidst Election Anticipation

Dogecoin (DOGE), the leading meme coin, exhibited resilience on Monday, outperforming prominent cryptocurrencies as traders awaited the imminent United States presidential election. DOGE surged to $0.1570, marking a notable 10% ascent from its Sunday low.

Market analysts express optimism regarding DOGE's potential, highlighting positive technical indicators and the potential impact of Donald Trump's victory. AMCrypto, an esteemed analyst with a substantial following, predicted that DOGE could attain $1 in the ongoing bull market, representing a considerable 540% increase.

Positive Technical Indicators for DOGE

Further bolstering the bullish sentiment surrounding Dogecoin are its favorable technical indicators. The coin has formed a classic bullish pattern known as a cup and handle, indicating potential for additional upward movement. The recent retracement is likely part of the handle formation, creating a buying opportunity.

Moreover, Dogecoin has formed a golden cross, with the 50-day and 200-day Exponential Moving Averages (EMAs) crossing upwards. Notably, it has also breached the 50% Fibonacci Retracement level, adding to its bullish momentum.

Potential Influence of Trump's Candidacy

A pivotal factor driving Dogecoin's performance is the upcoming U.S. election, with Donald Trump's chances of victory estimated at 50%. Cryptocurrency investors generally perceive Trump favorably due to his support for industry-favorable policies.

Furthermore, Trump's pledge to appoint Elon Musk as head of the Department of Government Efficiency, with a mandate to reduce government spending by $2 trillion, could have positive implications for Dogecoin. Musk, an ardent Dogecoin advocate, has integrated the cryptocurrency as a payment option for Tesla products and acknowledges owning a substantial amount of DOGE.

Risk Factors and Market Outlook

The primary risk to the bullish outlook for Dogecoin is the potential defeat of Trump in the election. Recent polling data indicates a tight race in key swing states, and past elections have demonstrated the fallibility of polling accuracy.

In the event of a Kamala Harris victory, DOGE might experience a temporary decline to $0.12 before resuming its upward trajectory. Nevertheless, the technical and fundamental indicators point towards a promising future for Dogecoin.

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.