Dogecoin (DOGE) surged by 11.42% on U.S. Election Day, reaching a peak of $0.1669. The rally was sparked by Elon Musk, who, during a podcast, referred to a fictional “Department of Government Efficiency” (D.O.G.E.), adding momentum to the token’s gains.
On Election Day, Dogecoin claimed the spotlight in the crypto market, climbing over 11.42% in 24 hours and becoming one of the top gainers. As leading cryptocurrencies like Bitcoin (BTC) saw declines, DOGE’s rally brought an optimistic tone. The spike in DOGE was largely driven by Musk’s comments linking the coin to government efficiency with the playful acronym D.O.G.E. during his conversation with Joe Rogan.
Currently, DOGE trades at an intraday high of $0.1669, up from a low of $0.1498, with daily trading volume climbing over 51% to reach $3.14 billion. This surge underscores renewed interest in memecoins, often powered by social media and community support.
Adding intrigue to this rally is the context of Donald Trump’s presidential campaign, with analysts suggesting that if Trump wins, DOGE could see further growth. Musk’s “Department of Government Efficiency” proposal aligns with Dogecoin’s playful, community-driven appeal.
Insights on Dogecoin’s Price Trends
Recent global market trends show that other memecoins, like Shiba Inu (SHIB) and Pepe (PEPE), have seen declines, with DOGE also experiencing price swings and closing last week at $0.1446 after briefly hitting $0.17. The daily candlestick chart reveals significant price action and volume increases from October 29 to November 2, where a sharp rise in DOGE’s price occurred, followed by some pullback.
Zooming in on the four-hour chart, a bullish trend appears, with the 9-day moving average crossing above the 21-day average. Dogecoin is now trading above the upper and mid-lines of its Bollinger Bands, signaling upward momentum.
However, the RSI is nearing overbought levels, often indicating a potential correction. The TD Sequential indicator is also flashing a buy signal, hinting at further upside potential.
Looking forward, resistance is expected around $0.1807, a level DOGE hasn’t seen since April. If election excitement wanes, critical support at $0.1432 could be tested, with a potential drop to $0.1235 if momentum fades. For now, DOGE’s rise stands as a hopeful note in a volatile market.
