• Home
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Team
  • Contact
Thursday, June 5, 2025
FinCurrency
No Result
View All Result
  • Home
  • News
  • Finance
  • Economy
  • Crypto
  • Home
  • News
  • Finance
  • Economy
  • Crypto
No Result
View All Result
FinCurrency
No Result
View All Result

Why Is Dogecoin Going Up? Key Drivers Of DOGE’s 10% Surge

Sergio Gruber by Sergio Gruber
November 5, 2024
in Crypto, News
Reading Time: 3 mins read
A A
0
0
SHARES
0
VIEWS
FacebookTweetPinShareShare

Este artículo también está disponible en español.

Amidst the broader cryptocurrency market facing a mild decline ahead of the US presidential election, Dogecoin (DOGE) has remarkably defied this trend by surging approximately 10% in the past 24 hours. Over the last three days, DOGE has rallied over 20% from its recent low of $0.14219 recorded on Sunday. Analysts suggest this impressive performance is driven by speculation regarding the election’s potential impact on Dogecoin.

Understanding the Recent Surge in Dogecoin’s Price

blockdag 70m

Several cryptocurrency analysts have pinpointed Dogecoin as the leading “Trump trade” within the crypto market, acting as a proxy for anticipating a Donald Trump victory in the presidential election. This connection is influenced by Elon Musk’s proposal to spearhead a “Department of Government Efficiency” (D.O.G.E.) under a Trump administration, aimed at reducing government expenditure.

Russian Market (@runews) speculated that a Trump win could result in Elon Musk securing a role at the White House, potentially elevating Dogecoin to one of the “official” cryptocurrencies. This speculation is considered one of the factors fueling Dogecoin’s rally, even as Bitcoin experiences a downturn.

Related Insights on Dogecoin’s Performance

Crypto analyst Mammon (@D_DTRADING) also underscored Dogecoin’s robust performance, suggesting it may have become a leveraged bet for a Trump victory. He commented, “Dogecoin is demonstrating significant relative strength, and in my opinion, this is linked to Elon’s involvement in supporting Trump. It could be that Dogecoin has emerged as a leveraged bet for a Trump win. Trump win > Doge to the moon??”

Miles Deutscher emphasized Dogecoin’s role as a catalyst within 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 and liquidity rotation to the broader meme narrative. Think of it as the spark that ignites the fire.”

Former investment bank trader Pablo Heman (@RealPabloHeman) noted that “DOGE is the only green in a sea of red cryptos,” suggesting a correlation between Dogecoin’s performance and the evolving political landscape. He stated, “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 forming a Bullish Engulfing Pattern over yesterday’s red bar. […] Additionally, DOGE is the only green in a sea of red cryptos. So, keep in mind Trump = DJT and Elon Musk = DOGE.”

Technical Analysis and Future Projections for Dogecoin

Andrea Capellini, the founder of Freedom Trading Academy, expressed bullish sentiments regarding Dogecoin’s potential, suggesting that a Trump and Elon win could propel DOGE to $0.47. Capellini’s technical analysis highlights key Fibonacci retracement levels, applied from the low of $0.05237 to the recent peak of $0.59546.

Currently, Dogecoin’s price is testing the resistance zone just below the 23.6% level at $0.21544. Breaking through this resistance could open the path toward Capellini’s target of $0.47. The Relative Strength Index (RSI), a momentum oscillator, stands at 62.72, placing it in the upper neutral zone. This reading indicates growing bullish momentum without entering overbought territory (above 70). The current RSI level supports a cautiously optimistic outlook for the continuation of the upward trend.

Furthermore, the weekly chart for Dogecoin reveals a bullish pattern characterized by a series of higher lows and higher highs, a classic sign of a sustained uptrend. However, DOGE is currently confronting a downtrend line that has previously acted as resistance. A decisive breakout above this line is crucial for achieving higher price targets, including Capellini’s projection of $0.47.

As of the latest update, DOGE is trading at $0.16816.

Tags: dogeDOGE newsDoge priceDogecoinDogecoin newsdogecoin priceWhy Is Dogecoin Going Up TodayWhy Is Dogecoin Price Going Up TodayWhy Is Dogecoin Up Today
Previous Post

Gary Gensler’s SEC Reign May End in Less Than a Day; Is XRP Vs SEC Ending Soon?

Next Post

Why Shorting Solana and Investing in Bitcoin Might Be the Smart Move Ahead of the Election?

Sergio Gruber

Sergio Gruber

Financial writer Hello, my name is Sergio Gruber and I am a finance editor with a specialization in blockchain and cryptocurrency. I have a deep understanding of how the financial world is being transformed by these exciting technologies.I received my degree in Finance Editing from Western Washington University, where I learned how to combine my passion for writing and financial analysis. Since then, I have worked with a number of high-profile publications, helping to educate and inform readers about the latest developments in the world of blockchain and cryptocurrency.

Next Post
Why Shorting Solana and Investing in Bitcoin Might Be the Smart Move Ahead of the Election?

Why Shorting Solana and Investing in Bitcoin Might Be the Smart Move Ahead of the Election?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Popular News

  • How BlockDAG’s Community-First Strategy Raised $68.3M in Presale; Cardano To Roll out New Update & Solana Price Prediction Bullish

    How BlockDAG’s Community-First Strategy Raised $68.3M in Presale; Cardano To Roll out New Update & Solana Price Prediction Bullish

    0 shares
    Share 0 Tweet 0
  • Top 10 Altcoins Under $1 to Invest in 2025

    0 shares
    Share 0 Tweet 0
  • Vanguard Routing Number: How to Find and Use It

    0 shares
    Share 0 Tweet 0
  • Alex Mashinsky Net Worth: From Tech Pioneer to Legal Battle

    0 shares
    Share 0 Tweet 0
  • How to Earn Passive Income? Embrace the Future of Passive Income and Earn 20% Instant USDT with Caged Beasts Coin

    0 shares
    Share 0 Tweet 0

Recent News

$12k Void Opens Up Possibility Of Crash Toward $75,000

$12k Void Opens Up Possibility Of Crash Toward $75,000

January 11, 2025
Phishing, Fake Mining Scams, and $474K Loss in One Week

Phishing, Fake Mining Scams, and $474K Loss in One Week

January 11, 2025
3 kleine crypto’s met potentie

3 kleine crypto’s met potentie

January 11, 2025
Unbelievable 1000x Return in Just 12 Hours!

Crypto Whale Bags $4.9M in Profit with Solana’s AI Meme Coin

January 11, 2025
FinCurrency Logo White Mode Retina Mobile

FinCurrency is a user-friendly platform that stands out as a unique source where our strong team of experienced and academically qualified writers, who are experts in their fields, analyze current issues and global affairs related to the finance and crypto world in an enjoyable and non-technical approach.

$12k Void Opens Up Possibility Of Crash Toward $75,000

$12k Void Opens Up Possibility Of Crash Toward $75,000

January 11, 2025
Phishing, Fake Mining Scams, and $474K Loss in One Week

Phishing, Fake Mining Scams, and $474K Loss in One Week

January 11, 2025
3 kleine crypto’s met potentie

3 kleine crypto’s met potentie

January 11, 2025
Unbelievable 1000x Return in Just 12 Hours!

Crypto Whale Bags $4.9M in Profit with Solana’s AI Meme Coin

January 11, 2025

WARNING:

The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature so you must consider the information in light of your objectives, financial situation and needs.
Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. This website is free for you to use but we may receive a commission from the companies we feature on this site.

  • Home
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Team
  • Contact

© 2024 FinCurrency - Global News

No Result
View All Result
  • Home
  • News
  • Economy
  • Finance
  • Crypto
  • Technology
  • Terms and Conditions
  • Contact

© 2024 FinCurrency - Global News

Banner 1
Banner 2
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Terms and Conditions.