Dogecoin (DOGE) has emerged as a standout in the crypto market, surging 10% over the last 24 hours, even as the broader market experiences a slight downturn ahead of today’s US presidential election. 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.
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 could secure 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.
Mammon (@D_DTRADING) also highlighted Dogecoin’s strong performance, arguing that Dogecoin might have become a leveraged bet for a Trump win. He remarked, “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??”
Miles Deutscher emphasized Dogecoin’s role as a catalyst in the crypto market, positing that the D.O.G.E initiative could propel DOGE further. He asserted that Dogecoin, as the meme leader, would also drive attention and liquidity rotation to the broader meme narrative, functioning 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. Heman pointed out that despite confusing and contradicting polls, the market indicates a clear, late surge in the Trump stock, drawing a direct connection between Trump’s potential win and Dogecoin’s rise.
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 a low at $0.05237 to a 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. 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.
 surges 10% in 24 hours, defying market trends amid US election speculation. Analysts see DOGE as a potential "Trump trade."){kind=link}