Dogecoin’s price held steady on Monday, outperforming other large-cap coins as traders focused on Tuesday’s U.S. presidential election.
Dogecoin (DOGE), the largest meme coin in the industry, rose to $0.1570, marking a 10% increase from its lowest level on Sunday.
Some analysts believe the coin has more upside potential, citing strong technical indicators and the possible victory of Donald Trump. In an X post, AMCrypto, a popular analyst on X with 12,000 followers, predicted that DOGE could reach $1 in this bull market, implying a 540% increase from the current level.
— AMCrypto (@AMCryptoAlex) November 3, 2024$DOGE is holding strong despite a broader market correction.
It broke out of the 658-day consolidation phase and is now approaching the expansion phase.
$1 DOGE is still possible this bull run 🚀 pic.twitter.com/wdFI3UvXuf
Dogecoin shows additional bullish technical signs. As illustrated below, the token has formed a cup and handle pattern, a common bullish indicator. The recent pullback is likely part of the handle formation.
Notably, Dogecoin has also formed a golden cross, with the 50-day and 200-day Exponential Moving Averages crossing over. Additionally, it has risen above the 50% Fibonacci Retracement level.
The most likely scenario is for DOGE to rise and retest the year-to-date high of $0.2286, which would be a 47% increase from the current level.
— AMCrypto (@AMCryptoAlex) November 3, 2024$DOGE is holding strong despite a broader market correction.
It broke out of the 658-day consolidation phase and is now approaching the expansion phase.
$1 DOGE is still possible this bull run 🚀 pic.twitter.com/wdFI3UvXuf
Dogecoin could do well if Trump wins
The main fundamental driver for Dogecoin is the upcoming U.S. election, in which Donald Trump has a 50-50 chance of winning.
Trump is viewed favorably by cryptocurrency investors due to his pledge to implement supportive policies.
He has also pledged to appoint Elon Musk to lead the Department of Government Efficiency, aiming to cut at least $2 trillion in costs.
Musk, a prominent Dogecoin supporter, allows Tesla products to be purchased with the cryptocurrency and is known to hold Dogecoin.
The risk to this outlook is that Trump may not win the election. Additionally, recent polling data shows the two candidates are nearly tied in swing states. Past polls—such as those from 2016 and the last mid-term elections—have been inaccurate.
If Kamala Harris wins, Dogecoin’s price may retreat to $0.12 before resuming its upward trend.