Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the potential of a memecoin frenzy sparked by Elon Musk backing Donald Trump for the White House.
Dogecoin in Memecoin Frenzy
With the United States Presidential Election mere days away, it is becoming one of the most most fiercely fought campaigns in recent history. Billionaire Elon Musk has thrown himself into the spot light by recently backing Donald Trump for a return to the White House. Musk triggered skyrocketing moves in the meme coin market after he brought himself back into the limelight as the so-called ‘Dogefather’ CEO of DOGE.
With the cryptocurrency market in the midst of a pre-election rally and Bitcoin pushing towards a new all-time high after breaking past the $72,000 in the last week, many prominent crypto traders are watching eagerly as institutional money flows back into the market. This emerging trend of the potent low-time-frame image of 3 consecutive ‘falling wedge’ patterns followed by breakout moves is causing optimism in the market.
Followers and holders of DOGE have confidence in their meme coin as it continues its upside trend. This has been highlighted by Elon Musk as he continues to draw attention to the coin during the heated Presidential race. Amid the fiercely fought US Election campaign Musk has propelled himself into the spotlight by backing Donald Trump. He has gone as far as being offered a job by the pro-Bitcoin Trump administration with Trump stating he would make Must the "secretary of cost cutting."
With Musk taking the campaign trail and zooming in on key swing states like Pennsylvania there has been much hype created regarding his supposed status as the CEO of D.O.G.E – the Department of Government Efficiency. Back on the 28th of October Musk tweeted a Dogecoin meme on X. This stirred much excitement regarding the meme coin as it broke out from its falling wedge pattern. The following day, on the 29th of October, Musk appeared on stage at a Trump rally and was announced as the CEO of DOGE.
The price of Doge has skyrocketed in the meantime, reaching a high of $0.178 on the 29th of October. It currently sits around $0.167 at the time of writing, but there is still plenty of optimism. The price of Doge is simply cooling off after a dramatic +25% climb since Monday as bulls seek to consolidate hard-fought gains.
Doge is placed well above the 200-day moving average (200DMA) and the Doge price is testing support at the ascending 20-day moving average (20DMA) around $0.17. This has arrived directly after a golden cross saw the 20DMA rip high on Sunday before the bullish impetus from Elon Musk’s US election campaigning. The next target for Doge will be the $0.2 price, although a downside risk could see a return to $0.15. Much may depend on further campaigning and mentions of Doge by Musk, and of course the overall winner of the election.
Have a great day.
Peace. CryptoGod-1.
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