Dogecoin price is holding steady as crypto pro sees more gains

Dogecoin’s price remained stable on Monday, outperforming other major-cap cryptocurrencies as investors focused on Tuesday’s US presidential election.

Dogecoin (DOGE), the biggest meme coin in the industry, is up 10% from Sunday’s low to $0.1570.

Some analysts believe the cryptocurrency has further upside potential, citing strong technical indicators and Donald Trump’s possible victory. AMCrypto, a popular X analyst with 12,000 followers, predicted in an X post that DOGE could reach $1 in this bull market, marking a 540% upside from the current level.

$DOGE It remains strong despite a broader market correction.

It has exited the 658-day consolidation phase and is currently approaching the expansion phase.

$1 DOGE is still possible in this bull run 🚀 pic.twitter.com/wdFI3UvXuf

— AMCrypto (@AMCryptoAlex) November 3, 2024

Dogecoin is showing additional bullish technical signs. As shown below, the token has formed a cup and handle pattern, which is a common bullish indicator. The recent pullback is likely part of the hold formation.

Notably, Dogecoin formed a golden cross with the intersection of the 50-day and 200-day Exponential Moving Averages. Additionally, it broke above the 50% Fibonacci Retracement level.

The most likely scenario is for DOGE to rise and retest its year-to-date high at $0.2286; this would be a 47% increase from the current level.

$DOGE It remains strong despite a broader market correction.

It has exited the 658-day consolidation phase and is currently approaching the expansion phase.

$1 DOGE is still possible in this bull run 🚀 pic.twitter.com/wdFI3UvXuf

— AMCrypto (@AMCryptoAlex) November 3, 2024

Dogecoin could do well if Trump wins

Dogecoin’s main fundamental driver is the upcoming US elections, which Donald Trump has a 50-50 chance of winning.

Trump is viewed favorably by cryptocurrency investors due to his commitment to implementing supportive policies.

He also promised to appoint Elon Musk to head the Department of Government Efficiency, which aims to cut costs by at least $2 trillion.

Musk, a prominent Dogecoin supporter, allows Tesla products to be purchased with the cryptocurrency and is known to hold Dogecoin.

The risk with 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 in 2016 and the recent midterm elections, have been inaccurate.

If Kamala Harris wins, Dogecoin’s price could drop to $0.12 before resuming its upward trend.