The US Election is just 5-days away and Elon Musk has triggered skyrocketing moves in the meme coin market after returning to center stage as the so-called ‘Dogefather’ CEO of DOGE.
This comes as crypto markets embrace a massive pre-election rally, with Bitcoin price teetering on the edge of a new all-time high after smashing above $72,000 this week in a move fuelled by institutional money.
Prominent crypto traders are backing the emerging trend, with some highlighting the potent low-time-frame image of 3 consecutive ‘falling wedge’ patterns followed by breakout moves.
This bolsters DOGE holder confidence as the coin seems set to continue it’s upside trend, especially as Elon Musk draws attention to the meme coin amid a cultural war moment in the Presidential race.
Elon Musk is Back as the Biggest Supporter of DOGE: And The Nation is Watching
But what’s been going on with Elon Musk’s campaigning for Donald Trump? And what’s DOGE got to do with it?
Amid one of the most fiercely fought US Election campaigns in recent times, Elon Musk has stepped into the spotlight once again to back Trump for the Whitehouse, in fact, his involvement has gone so-far as to be offered a job working in the pro-Bitcoin Trump administration.
So Musk is on the campaign trail, locking in on key swing states like Pennsylvania, and hype has centered around his supposed status as the CEO of D.O.G.E – the Department of Government Efficiency.
On October 28, Elon Musk tweeted a Dogecoin meme on X, stirring excitement over DOGE price as it broke out from its falling wedge pattern.
Then things went further again on October 29, when Musk appeared on stage at a Trump rally, being announced as the CEO of DOGE.
Dogecoin is pumping after Elon Musk was introduced as the co-founder of the Department Of Government Efficiency (DOGE) at the Trump rally.
— DΛVID (@DavidShares) October 27, 2024pic.twitter.com/sT9050gjlM
In the 24-hours since, DOGE price has exploded bringing the top meme coin’s 7D gain to an impressive 21.9%, and leading a broader meme coin market rally.
DOGE Price Analysis: Is DogeCoin Going to Skyrocket if Trump Wins the US Election Next Week?
As hype fuels momentum for Dogecoin, DOGE price is currently trading at $0.16 (a 24-hour change of -3.74%).
While shifting into a localized retracement on the daily this morning, the DOGE price is simply cooling off after a dramatic +25% climb since Monday as bulls seek to consolidate hard-fought gains.
Currently positioned well above the 200-day moving average (200DMA), the DOGE price is testing support at the ascending 20-day moving average (20DMA) around $0.17.
This comes right after a golden cross saw the 20DMA rip high on Sunday, ahead of the bullish impetus from Elon Musk’s US election campaigning.
Today’s consolidation of the $0.15-$0.17 range has improved sentiment on the RSI, scaling it down from an overheated 81 to a bullish 48, suggesting DOGE crypto is poised to push high again from here.
The next target for DOGE price stands at $0.2 (+17.55%), while downside risk could see a return to $0.15 (-11.85%).
For even more DOGE price analysis, check out our YouTube video below:
The DOGE price currently offers a risk-reward ratio of 1.48, presenting a good entry point with reasonable upside potential.
However, those hunting for low-cap gems might not find a modest +17.55% gain that is particularly enticing.
PEPE Unchained Goes Viral As $23M Rushes Into New Meme Coin Layer-2
Pepe Unchained is sending a shockwave through the PEPE community as more than $23M in capital rotates to presale fund a new PEPE layer-2 scaling solution built for high octane meme coin trading.
Backed by a vibrant community of aspiring degens and kek lord builders Pepe Unchained is going viral on X and Telegram while amassing millions in funding at lightning speed.
But it's not just the retail crowd that's enchanted; the whales have also made a splash, showcasing their confidence in the project with massive purchases.
On October 21, one whale made waves by swallowing up $53,563 worth of ETH for an impressive 4.6 million $PEPU tokens, following a prior purchase of 5 million $PEPU tokens for about $50,000 earlier in the month.
Ethereum Transaction Hash (Txhash) Details | Etherscan
These huge pumps of capital into the Pepe Unchained presale are the crypto community's way of flipping the bird to the "Sleepy Joe" coins of the Pepe scene, such as Pepe (PEPE) and PepeCoin (PEPECOIN).
With such strong support, Pepe Unchained will likely attract even more investment ahead of its exchange debut.
Many, including crypto influencer Jacob Crypto Bury, believe that $PEPU could deliver a remarkable 10x return, further igniting excitement among potential investors.
You can invest confidently, as Coinsult and SolidProof have thoroughly audited Pepe Unchained's smart contract and found no critical issues.
For developers interested in bringing their innovative ideas to life on the Pepe Unchained L2 chain, grant applications are now open on the project's website.
To apply, fill out a brief form and receive a confirmation email. The Pepe Council will review submissions continuously and award grants to selected projects.
The post Dogecoin Price Forecast: Musk’s Trump Tour Sparks Meme Coin Frenzy – Can DOGE Overtake Bitcoin? appeared first on Cryptonews.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
