So far, Doge is one of the best performing Altcoins, with its price rising by about 25% in the past 24 hours. As the US election draws to a close, the market generally expects the Republican Party to win, and this positive impact has given Doge strong momentum and an upward trend. Since October 1, Doge has risen by as much as 65% in the fourth quarter, and if Trump is elected the 47th President of the United States, this asset could rise another 30% within a few hours.
Doge has a very strong strategic position during the US election
Independent cryptocurrency analyst Master Kenobi points out that in the context of the US presidential election, Doge is currently one of the most strategically significant cryptocurrencies. The analyst shared a long-term uptrend chart, which shows that Doge has been moving within an upward channel since the beginning of 2017. After each Bitcoin halving, the price of Doge often skyrockets in a parabolic form after hitting the bottom. If this pattern continues, Doge's price is expected to break through $11 by 2025, which means that the current return on investment is about 6,447%. However, it should be noted that although this pattern has repeated in history, the forecast results are still speculative.
Doge's holding addresses have increased by 100%
When Tesla CEO Elon Musk proposed to set up a government efficiency department to reduce government waste and save taxpayers' money, his connection with Doge gained further attention, and interestingly, the acronym of this government efficiency department is DOGE. This association has driven the FOMO sentiment in the Doge community and pushed the number of Doge holding addresses up by 100% to 48,000. This surge reflects that investors are allocating funds to Doge before the US election results are announced. Doge usually responds well to such positive catalysts, and a Trump victory could trigger a chain reaction, benefiting Musk's position and potentially triggering a short-term surge in the DOGE price. In terms of technical indicators, Doge's daily chart appears to be digesting the bullish momentum of a potential Trump victory. The meme coin has outperformed Bitcoin and Ethereum in November and is currently testing a new resistance level. If the daily closing price is above the top of the range at $0.174, it could surge 35% quickly to $0.23 (near the annual high). Meanwhile, trader and economist Mikybull Crypto pointed out that Doge has approached a golden cross on the weekly chart for the first time since 2020. This bullish signal last appeared in November 2020, after which Doge's price rose 20,000% and reached a record high of $0.74 in May 2021.
