Originally published on: November 05, 2024
Dogecoin, the memecoin sensation, is making waves in the cryptocurrency market with an impressive 12% rise in the last 24 hours. This surge in value comes on the heels of the closely watched US presidential election, where the markets are gearing up for a possible Republican party victory.
In the final quarter of this year, Dogecoin has seen a remarkable 65% increase since the start of October. Analysts predict that if Donald Trump secures the presidency for a second term, Dogecoin could experience an additional 30% surge in just a matter of hours.
Renowned crypto analyst, Master Kenobi, has dubbed Dogecoin as the most strategically positioned cryptocurrency in the current political climate. A long-term analysis reveals a pattern of price oscillation within an ascending channel since 2017, indicating potential for significant growth.
Based on Master Kenobi’s analysis, Dogecoin’s projected long-term target is $11 by 2025, offering a whopping 6,447% return on investment. While this target is open to debate, the fundamentals show a promising future for this unique cryptocurrency.
The influence of Tesla CEO Elon Musk on Dogecoin cannot be understated. Musk’s latest proposal for a “Department of Government Efficiency,” mirrors the DOGE ticker, further solidifying his connection to the crypto asset. This, in turn, has spurred a surge in new DOGE addresses as investors flock to this promising digital asset.
Technically speaking, Dogecoin’s daily chart is already signaling a potential Trump victory, with room for a price surge once key resistance levels are breached. A breakout above $0.174 could pave the way for a 35% increase towards $0.23, near its yearly peak.
Trader and economist Mikybull Crypto points to a golden cross formation on Dogecoin’s weekly chart, a bullish signal that could mark the beginning of a significant uptrend. Previous instances of golden crosses have resulted in substantial returns for Dogecoin, indicating a bright future ahead.
As always, it’s important to conduct your own research and exercise caution when investing in volatile assets like Dogecoin. The cryptocurrency market is unpredictable, but with the right strategies, savvy investors stand to reap impressive rewards.
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