Dogecoin Eyes 30% Surge As Market Anticipates Potential Trump Win

Dogecoin’s price has surged since October, with data indicating it may climb even higher.

Source: www.coinkolik.com

Dogecoin is currently one of the top-performing cryptocurrencies, rising 12% in the past 24 hours. The memecoin has gained positive momentum as the U.S. presidential election approaches, with markets largely expecting a Republican victory. Since October 1, Dogecoin has risen 65% in Q4. If Donald Trump is elected as the 47th U.S. president, the asset could see an additional 30% surge within hours.

DOGE Positioned Strategically Amid U.S. Election Results

Independent crypto analyst Master Kenobi noted that, in the context of the U.S. presidential elections, DOGE is currently the most strategically positioned cryptocurrency. The analyst highlighted a long-term weekly chart showing Dogecoin moving within an ascending channel since early 2017. DOGE’s price has often bottomed near an undervalued area (blue line) following each BTC halving, leading to a parabolic rise toward the channel’s overvalued zone (red line). 

Based on this pattern mentioned above, Dogecoin's long-term target is estimated at around $11 by 2025, implying a 6,447% return on investment (ROI) from its current price. However, it's important to recognize that, while this price pattern has repeated in the past, the projected target remains speculative.

New DOGE Addresses Surge by 100%

Elon Musk’s known connection with DOGE gained further attention when the Tesla CEO proposed creating a Department of Government Efficiency to cut government waste and save taxpayers money. Interestingly, the agency’s initials D.O.G.Emirror the cryptocurrency's ticker. This association may have contributed to positive on-chain metrics, with data showing a 100% increase in new DOGE addresses, reaching nearly 48,000 by late October. This surge likely reflects new investors allocating funds toward DOGE ahead of the U.S. election results. Dogecoin often responds well to such positive catalysts, and a Trump win could set off a chain reaction that benefits Musk’s position and sparks a short-term DOGE rally.

On the technical front, DOGE’s daily chart appears to be pricing in a potential Trump victory. The memecoin has outpaced Bitcoin and Ether in November and is currently testing overhead resistance. A daily close above $0.174 the top of this range could clear the way for a 35% surge to $0.23, near its yearly high. Meanwhile, trader and economist Mikybull Crypto pointed out that DOGE is nearing a golden cross on the weekly chart for the first time since 2020. This bullish signal, last seen in November 2020, preceded a 20,000% gain, with Dogecoin reaching an all-time high of $0.74 by May 2021.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.