Dogecoin Price Jumps as Traders Bet on DOGE Ahead of Elections, Not Memes

Dogecoin price just became a buzzword in the crypto space after the meme coin revived with a 14% surge in the last 7 days. Analysts and traders are betting on DOGE to outperform the market as the U.S. November 5 elections draw near. In a Trump win, Dogecoin may surge to new all-time highs.

The price increase comes amid a new push by Bitcoin bulls that saw the asset surge to $68,230, the highest level in the past 70 days. The DOGE price has increased by 12.1% in the last 24 hours and is now trading at $0.1266. 

BTC price is now at a crucial price point since a daily close above $68,500 may propel it to $72,000, boosting the entire crypto market, including the price of DOGE.

Traders Bet On Dogecoin Price If Trump Wins The Elections

Traders are betting that the price of DOGE will surge higher if Donald Trump wins the U.S. presidential elections. In the past, DOGE has been mainly driven by meme hype, but this time, it is more likely to be influenced by real-world events such as the Elections.

The shift in sentiment marks a notable change in Dogecoin’s market dynamics, reflecting the cryptocurrency space’s maturing beyond speculation and fun. The recent spike in Dogecoin price was accompanied by a 30% surge in open interest (OI) over the last 24 hours. 

The simultaneous increase in OI and price suggests traders are entering Long positions on Dogecoin. This is further confirmed by the Coinglass Liquidation Map, which shows over $64 million worth of Longs, compared to $13.61 million in Shorts over the past 24 hours.

This imbalance signals that bullish sentiment is dominating the Dogecoin market since traders anticipate the price will rise higher in the future.

DOGE Price Analysis If Trump Wins

Dogecoin price prediction shows that the meme coin has broken out of a falling wedge, which is considered a bullish reversal formation. This suggests the beginning of a potential uptrend after the recent downtrend.

The 0.786 Fibonacci retracement level around $0.093 has been a strong support level, where the price bounced off before the breakout.  The initial target from this breakout is at the previous all-time high, around $0.229, which marks an 82.50% potential upside from the current price.

If the price pushes higher than this, further resistance levels include $0.335 at the 0.618 Fibonacci level and $0.507 at the 1.618 level, which could be reached in the longer term if momentum continues.

If DOGE maintains its bullish trajectory, higher levels like $0.33 and $0.50 could be reached in the event of an election win, representing significant gains from current prices. However, if bears push down the price, DOGE may find further support around $0.093 and $0.058.

Dogecoin Is Bullish

The Dogecoin recent 14% price surge highlights its evolution from a meme-driven asset to a serious contender in the cryptocurrency market. Traders are increasingly optimistic about DOGE, especially with the upcoming U.S. elections and the potential for a Trump victory, which could propel prices to significant levels. The bullish sentiment is backed by a rise in open interest and key technical indicators, suggesting that the Dogecoin price could reach targets of $0.50 if momentum continues. As the market matures, DOGE is becoming a strategic investment, reflecting a shift towards more calculated trading in the crypto space.