Why Is Dogecoin Going Up Today? Key Drivers Of DOGE’s 10% Surge
2024年11月5日 - 8:30PM
NEWSBTC
While the broader crypto market experiences a slight downturn ahead
of today’s US presidential election, Dogecoin (DOGE) has defied the
trend by surging 10% in the last 24 hours. Over the past three
days, DOGE has rallied more than 20% from its local low of $0.14219
on Sunday. Analysts attribute this remarkable performance to
speculation surrounding the election and its potential impact on
Dogecoin. Why Is Dogecoin Price Going Up Today? Several crypto
analysts have identified Dogecoin as the leading “Trump trade”
within the crypto market—a proxy for betting on a Donald Trump
victory in the presidential election. This association stems from
Elon Musk’s proposal about leading a “Department of Government
Efficiency” (D.O.G.E.) under a Trump administration to reduce
government spending. Russian Market (@runews) suggested that if
Trump wins, “Elon Musk will land a role at the White House,
potentially making Dogecoin one of the ‘official’
cryptocurrencies.” This speculation is considered one reason why
Dogecoin is rallying even as Bitcoin faces a decline. Related
Reading: Dogecoin Analyst Reveals Buying Opportunities At Lower
Prices – Details Mammon (@D_DTRADING) also highlighted Dogecoin’s
strong performance, arguing that Dogecoin might have become a
leveraged bet for a Trump win. “Dogecoin showing great relative
strength and imo this has to do with Elon’s involvement in
supporting Trump. In which Dogecoin might have become the leveraged
bet for a Trump win. Trump win > Doge to the moon??” he
remarked. Miles Deutscher emphasized Dogecoin’s role as a catalyst
in the crypto market: “DOGE pumps (D.O.G.E initiative will propel
DOGE + it’s already showing strength as a proxy). DOGE as the meme
leader will also drive attention + liquidity rotation to the
broader meme narrative. Think of it as the spark that lights the
fire.” Former investment bank trader Pablo Heman (@RealPabloHeman)
observed that “DOGE is the only green in a sea of red cryptos,”
implying a correlation between Dogecoin’s performance and the
political developments. He pointed out: “The polls are confusing
and contradicting, and actually they are FAKE! But the market does
not lie! There is a clear, late surge in DJT the Trump stock, which
is now making a Bullish Engulfing Pattern over yesterday’s red bar.
[…] And also DOGE is the only green in a sea of red cryptos. So
just keep in mind Trump = DJT and Elon Musk = DOGE.” Related
Reading: Dogecoin Bollinger Bands Squeezes Tighter Than It Was
Before 2021 Rally, What This Means Andrea Capellini, founder of
Freedom Trading Academy, expressed bullish sentiments on Dogecoin’s
potential, suggesting that a Trump and Elon win could send DOGE to
$0.47. Capellini’s technical analysis highlights key Fibonacci
retracement levels applied from the low at $0.05237 to the recent
peak at $0.59546. Notably, Dogecoin’s price is currently testing
the resistance zone just beneath the 23.6% level at $0.21544.
Breaking through this resistance could pave the way toward
Capellini’s target of $0.47. The Relative Strength Index, a
momentum oscillator, stands at 62.72, placing it in the upper
neutral zone. This reading indicates growing bullish momentum
without yet entering overbought territory (above 70). The current
RSI level supports a cautiously optimistic outlook for the
continuation of the upward trend. Moreover, the weekly chart for
Dogecoin exhibits a bullish pattern characterized by a series of
higher lows and higher highs—a classic sign of a sustained uptrend.
However, DOGE is currently facing a downtrend line that has
previously acted as resistance. A decisive breakout above this line
is crucial to reach higher price targets, including Capellini’s
projection of $0.47. At press time, DOGE traded at $0.16816.
Featured image created with DALL.E, chart from TradingView.com
Dogecoin (COIN:DOGEUSD)
過去 株価チャート
から 11 2024 まで 12 2024
Dogecoin (COIN:DOGEUSD)
過去 株価チャート
から 12 2023 まで 12 2024