Dogecoin Boosted by Trump Win Speculation

The world's most famous meme cryptocurrency continues to surge as the market speculates on the US election and Fed policies.

Dogecoin (DOGE) is up 4.76% over the past 24 hours, relying on the 25-day exponential moving average at $0.1436 as key support. This surge follows a recent gold cross that rekindled interest in this cryptocurrency, famous for its connection to entrepreneur Elon Musk, who openly endorses the memecoin. Dogecoin's price boost comes a day before the US election and hopes for Donald Trump's victory.

Dogecoin price shows rally as market looks ahead to election and Fed moves / TradingView

Musk's endorsement and election speculation

DOGE's recent boost appears to be linked to expectations around the US presidential election, with speculation about a possible Donald Trump victory. Musk, a known Trump supporter and Dogecoin advocate, is helping fuel the market excitement.

Market Analysis and Projections

According to data from IntoTheBlock, a remarkable 84% of DOGE holders are in profit at the current price, with 62% concentration held by large investors. DOGE’s price correlation with Bitcoin stands at a solid 0.94, underlining its parallel performance to the broader cryptocurrency market.

On-chain indicators are predominantly bullish, with a net network growth of 0.26%, as well as large transactions increasing by 3.92%, suggesting renewed interest from large market players.

Future Outlook

With the short-, medium-, and long-term moving averages aligned to the upside, DOGE could be poised to test the fixed resistance at $0.1736. Cryptocurrency fluctuations will closely follow political and economic events, including potential interest rate cuts by the Federal Reserve.

Dogecoin continues to be a volatile but promising coin, backed not only by speculation and backing from influential figures, but also by solid positive sentiment in the market.

Disclaimer: This article does not constitute financial advice. Investors are advised to conduct their own research before making investment decisions.