Key Points
1. Dogecoin (DOGE) rose 11.42% on U.S. election day, peaking at $0.1669 during trading.
2. Elon Musk mentioned the Department of Government Efficiency (DOGE) in a podcast, driving up the price of Dogecoin.
On U.S. election day, Dogecoin (DOGE) made its mark in the cryptocurrency market, rising over 11.42% in the past 24 hours to become the largest gainer. While major cryptocurrencies like Bitcoin (BTC) saw declines, Dogecoin's rise became a beacon of optimism. The surge in Dogecoin was triggered by comments from Elon Musk, who mentioned DOGE as a potential acronym for the Department of Government Efficiency (DOGE) in his podcast with Joe Rogan.
The rise in Dogecoin's price seems unstoppable, with market momentum pushing towards the important target of $0.36. The meme coin's price has surged recently after Trump won the U.S. election in November 2024. An analyst stated that Dogecoin 'seems unstoppable', which has excited the market.
The price of DOGE has risen by 24% in the past 24 hours, currently trading at $0.2036. This is the highest price Dogecoin has reached since April 2024. As prices rise, BTC has soared to an all-time high of $75,000.
The cryptocurrency market, including DOGE, is also following suit, with Solana (SOL), Shiba Inu (SHIB), and Sui (SUI) all achieving double-digit growth.
Dogecoin's price 'seems unstoppable'
Cryptocurrency analyst Erica Hazel stated that Dogecoin looks unstoppable after breaking through the resistance level of $0.17. Other analysts believe that Dogecoin will be more influential than artificial intelligence (AI), especially if the Department of Government Efficiency (DOGE) is established following Trump's victory.
'Every major news network is reporting on DOGE,' said crypto analyst Tommy Moustache on X.
What makes this surge particularly interesting is its potential association with Donald Trump's presidential campaign, with Elon Musk's involvement providing a boost to this trend. Analysts believe that if Trump wins, Dogecoin could benefit significantly, especially after Musk recently proposed the establishment of a 'Department of Government Efficiency', cleverly abbreviated as DOGE. This initiative aims to streamline government spending, which may resonate with the Dogecoin community.
What impact do recent trends have on the price of Dogecoin?
Analyzing global market trends over the past week, many memecoins, including Shiba Inu (SHIB) and Pepe (PEPE), have seen declines. Dogecoin also experienced some price fluctuations, closing this week at $0.1446 after briefly peaking around $0.17.
However, the daily candlestick chart shows significant price volatility and a surge in trading volume, especially during the period from October 29 to November 2. During this time, Dogecoin's price surged sharply, followed by a pullback as the week progressed.
Zooming in, the four-hour chart shows a bullish trend, with the 9-day moving average breaking above the 21-day moving average. Currently, Dogecoin's trading prices are above both the upper and lower bands of the Bollinger Bands, further indicating strong upward momentum.
However, the RSI is approaching the overbought zone, which typically indicates that a price pullback may occur. The TD Sequential indicator also shows buy signals, suggesting a potential price rebound.
Looking ahead, resistance is expected around $0.1807, which would allow Dogecoin to reach its highest level since April. However, if the excitement from the elections fades, the key support level of $0.1432 may come into play, potentially dropping further to $0.1235. Currently, Dogecoin's rise brings a glimmer of hope in a volatile market.
