$DOGE Price Analysis: If Trump Wins the US Election Next Week, Will Dogecoin Soar?

Currently, the price of Dogecoin is steadily above the 200-day moving average (200DMA), testing the upward 20-day moving average (20DMA) support level around $0.17.

This trend occurred on Sunday, with the 20DMA rising rapidly after forming a golden cross, coinciding with the bullish momentum brought by Elon Musk's US election campaign.

Yesterday, the consolidation in the $0.15-$0.17 range improved the relative strength index (RSI) sentiment, dropping from an overheated 81 to a bullish 48. This suggests that the DOGE cryptocurrency may rise again.

The next target for DOGE price is $0.2 (+17.55%), while downside risks could lead to a price drop to $0.15 (-11.85%).

Currently, the DOGE price offers a risk-reward ratio of 1.48, presenting a good entry point with reasonable upside potential.

Interested parties can consider buying on dips.