• Dogecoin (DOGE) climbed 11.42% on US Election Day, reaching an intraday high of $0.1669.
  • Elon Musk fueled Dogecoin’s rally by mentioning the Department of Government Efficiency (D.O.G.E.) during a podcast.

On US Election Day, Dogecoin (DOGE) grabbed a spot in the cryptocurrency market, climbing over 11.42% in the last 24 hours and emerging as a top gainer. While major cryptocurrencies like Bitcoin (BTC) trade in red, DOGE’s rise stands out as a beacon of optimism. The rally in the DOGE was triggered by comments from Elon Musk , who mentioned DOGE as an acronym for a potential Department of Government Efficiency (D.O.G.E.) during a podcast with Joe Rogan.

At the time of writing, Dogecoin was priced at $0.1669 (intraday high), up from a low of $0.1498. Also, the daily trading volume surged over 51%, reaching $3.14 billion. This rally signals a renewed interest in memecoins and community-driven tokens, often fueled by social media excitement and online communities.

What makes this surge particularly intriguing is the potential connection to Donald Trump’s presidential battle, bolstered by Elon Musk’s involvement. Analysts suggest that DOGE could benefit significantly if Trump wins, especially following Musk’s recent proposal for a “Department of Government Efficiency,” cleverly abbreviated to D.O.G.E. This initiative aims to streamline government spending, which could resonate with Dogecoin’s community.

What Do Recent Trends Reveal About Dogecoin’s Price?

Analyzing global market trends over the past week shows that many memecoins, including Shiba Inu (SHIB) and Pepe (PEPE), have displayed declines. Even Dogecoin faced some price fluctuations and closed the week at $0.1446 after briefly peaking near $0.17. 

However, the daily candlestick chart revealed significant price movements and spikes in trading volume, especially between Oct 29 and Nov 2. During this period, a sharp increase in Dogecoin’s price was observed, followed by a pullback as the week progressed.

DOGE Up Over 10% as Elon Musk Fuels Anticipation for US Elections image 0 DOGE Up Over 10% as Elon Musk Fuels Anticipation for US Elections image 1 Dogecoin (DOGE) Price Chart (Source: TradingView )

Zooming in, the four-hour chart reveals a bullish trend , with the 9-day moving average crossing above the 21-day average. Currently, Dogecoin is trading above both the upper and basis lines of its Bollinger Bands, which further suggests upward momentum.

However, the RSI is nearing overbought territory, which often signals a potential price correction. The TD Sequential indicator also shows a buy signal, hinting at a possible price rebound.

Looking ahead, resistance is expected around $0.1807, which will lead DOGE to levels not seen since April. However, if the excitement surrounding the elections fades, crucial support at $0.1432 could come into play, with a further drop to $0.1235 possible. For now, Dogecoin’s ascent offers a glimmer of hope amid a fluctuating market.

Highlighted Crypto News

Will Solana (SOL) Cross $185 Post US Election Results?