Dogecoin has experienced a notable price increase since October, with projections indicating further growth. Recently, the cryptocurrency gained 12% in just 24 hours, reflecting a positive market sentiment as the U.S. presidential election results approach. Investors are largely optimistic about a Republican victory, which has contributed to Dogecoin’s upward trend.
Significant Gains in Q4
Since October 1, Dogecoin has surged by 65%. If Donald Trump secures his position as the 47th president of the United States, analysts predict that Dogecoin could rise an additional 30% within hours of the announcement. This potential increase highlights the cryptocurrency’s strategic positioning in light of the election results.
Analyst Insights on Dogecoin
Master Kenobi, an independent cryptocurrency analyst, emphasizes that Dogecoin is well-positioned for this electoral event. He notes a long-term weekly chart indicating that Dogecoin has consistently moved within an ascending channel since early 2017. Historically, after Bitcoin’s halving events, Dogecoin has entered undervalued territory before experiencing significant rallies.Based on current trends, some analysts suggest that Dogecoin could reach a target price of around $11 by 2025, representing an impressive ROI of 6,447% from its current value. However, this target remains a topic of debate among experts.
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New Addresses and Market Dynamics
Elon Musk’s personal connection to Dogecoin has also fueled interest. His recent proposal to establish a “Department of Government Efficiency” (D.O.G.E) under a Trump administration has further elevated Dogecoin’s profile. This initiative reportedly led to a 100% increase in new DOGE addresses, totaling nearly 48,000 by the end of October.Dogecoin’s price movements are often influenced by such positive catalysts. A Trump victory could trigger a domino effect that benefits Musk’s position and potentially ignites a short-term rally for DOGE.
Technical Indicators and Future Projections
From a technical perspective, Dogecoin’s daily chart suggests it is beginning to anticipate a Trump victory. The memecoin has outperformed Bitcoin and Ethereum recently and is currently testing its upper resistance range. A daily close above $0.174 would pave the way for a potential rise of 35% to $0.23, nearing its annual high.Additionally, trader Mikybull Crypto notes that Dogecoin is on the verge of completing a golden cross on its weekly chart for the first time since 2020. This pattern is typically viewed as a bullish signal; similar occurrences in November 2020 led to a staggering ROI of 20,000% by May 2021 when Dogecoin peaked at $0.74.In summary, as the election results unfold, Dogecoin stands poised for significant gains driven by both market sentiment and technical indicators.
