Highlights:
- Elon Musk’s comments trigger a substantial DOGE price rise.
- DOGE derivatives show increased market activity and interest.
- The potential $1 Dogecoin price hinges on political developments.
Dogecoin (DOGE), a leading meme cryptocurrency, recently experienced a significant value rise, drawing traders’ attention. Over recent days, DOGE’s price has steadily increased, resisting market corrections and securing its position among today’s top gainers. This strong upward movement comes just ahead of the U.S. election, fueling interest in cryptocurrency.
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Dogecoin Price Rises on Musk’s Proposal
The Dogecoin price surged following Elon Musk’s remarks about creating a “D.O.G.E.” agency. On Joe Rogan’s podcast, Musk proposed a Department of Government Efficiency and suggested its formation if Donald Trump returns to the presidency. Musk’s influence once again seemed to drive Dogecoin’s market movements, underscoring his impact on the cryptocurrency.
— Elon Musk (@elonmusk) November 5, 2024
The meme coin Dogecoin has exhibited robust growth in its market value, particularly noticeable on the weekly charts. Since hitting a low at $0.085 in August, the cryptocurrency has been on an upward trajectory. This surge culminated in a decisive escape from a previously bearish trend line. Over the last 30 days, Dogecoin’s value has increased by an impressive 55%.
Dogecoin has seen a notable increase in value, rising by 55% over the past month. As of the latest data, the DOGE price is priced at $0.1697. This marks a significant surge from its previous low of $0.1521. Throughout the last month, Dogecoin’s price trajectory has shown a steady ascent, culminating in a peak value of $0.1699
Will DOGE Price Hit $1 Soon?
Crypto analyst shared a recent post on an X underlining the potential surge in Dogecoin value. They indicated that Dogecoin investors might rejoice as Elon Musk and U.S. government endorsements could drive the cryptocurrency’s price.
#DOGECOIN/usdt WEEKLY$DOGE hodlers are going to be so happy when Musk & the US government post about the Department of Government Efficiency ( D.O.G.E ) NON-STOP for the next 4 years
If Trumps wins, $DOGE —> $1 🎯 pic.twitter.com/csowJCIOGA
— Satoshi Flipper (@SatoshiFlipper) November 4, 2024
The post suggests continuous support from a new government department focused on efficiency might boost Dogecoin for four years. If political outcomes favor these developments, Dogecoin could hit the $1 mark, the post predicts. The graphic includes a price chart showing an upward trajectory towards this goal.
According to coinglass data, Dogecoin derivatives have seen a notable increase in market activity. Trading volume has surged by 41.92%, reaching $7.16 billion. Similarly, open interest has grown by 19.34%, amounting to $1.37 billion. This rise highlights growing investor interest and market engagement with Dogecoin derivatives.
With the current market resurge Dogecoin is currently encountering stiff resistance at the $0.18 mark. A breakthrough beyond this level, followed by surpassing the key $0.20 psychological threshold, may propel DOGE to as high as $0.30. This would mark a substantial rebound.
However, a dip below the $0.14 support could trigger a decline toward $0.13, leading to a revision of the current bullish outlook. Increased selling pressure could further depress DOGE’s value to $0.10.
The Moving Average Convergence Divergence (MACD) shows a bullish signal. The MACD line crossing above the signal line, indicating potential upward momentum for the asset. The Relative Strength Index (RSI) has climbed to 66, approaching the overbought threshold of 70. This could imply that while the market is heating up, investors should watch for any signs of a pullback.
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