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Simon Chandler
Author
Simon Chandler
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The Dogecoin price has risen by 1.5% in the past 24 hours, climbing to $0.1445 as the meme token continues to benefit from bullishness surrounding Donald Trump’s election prospects.
DOGE is now up by 29% in a week and by 37% in a month, with these gains coming on the back of the coin’s association with Elon Musk, who looks ready to play a role in the Trump administration, should the former president win on November 5.
Musk has been talking about creating a Department of Government Efficiency (D.O.G.E.), with his statements creating the expectation that the meme token will somehow benefit from a second Trump term.
But even if the former Apprentice star doesn’t secure victory next month, the Dogecoin price is likely to continue climbing with the rest of the market, which appears to have entered a more bullish period.
Dogecoin Price Forecast: DOGE Breaks $0.12 – Could This Signal a Major Rally to $1?
DOGE has actually dipped by 1% in the past hour, so it has lost some of its overnight momentum, although it’s likely to retest its resistance level (red) soon.
After rising above 70 at the end of last week, the coin’s relative strength index (purple) dropped below 50 yesterday, but then rose to nearly 70 again this morning.
While it has dropped again, the fact that it has already recovered from a previous drop would suggest that DOGE is in the middle of a medium-term growth phase.
DOGE’s 30-period moving average (orange) supports this view, given that it’s well above the 200-period average (blue) and is rising further beyond the latter.
It’s also encouraging that DOGE’s trading volume is at $2 billion today, which is very high for a meme coin.
Indeed, the past week or so have seen big transfers involving DOGE, with one whale buying just over $10 million of the token on Robinhood.
And while we have also seen some whales transfer DOGE to exchanges, demand is high enough right now to soak up any moderate profit-taking.
As mentioned above, the bullishness for Dogecoin stems from Donald Trump, who last month said he would appoint longtime DOGE fan Elon Musk to head a commission on government efficiency.
And Musk himself has associated this commission with Dogecoin by virtue of referring to this commission as the “Department of Government Efficiency” (D.O.G.E.).
Of course, Trump may not even win on November 5, with polling suggesting that it’s going to be a tight race.
Assuming a Trump victory, the Dogecoin price could hit $0.20 by the end of November, before reaching $0.30 by the end of the year.
New High-Potential Token to Watch
For traders unsure about DOGE, there are numerous smaller meme coins in the market right now that look very promising.
Several of these are presale tokens, which can often create enough momentum during their sales to rally hard once they list.
Not every presale coin will do this, but one example looking good at the moment is Flockerz (FLOCK), a new ERC-20 token that has raised just over $900,000 in its recently launched sale.
Flockerz is interesting because it’s a vote-to-earn token, which rewards holders for participating in governance votes.
Every major decision will be put to its community, who will receive greater rewards the more they participate in decision-making.
As an Ethereum-based token, Flockerz will also have a staking mechanism, enabling holders to also earn a passive income this way.
Given this combination, demand for Flockerz could be high, with the coin allocating 20% of its supply (50 billion FLOCK) to its presale.
Another 25% will go to staking, as well as 25% for governance rewards.
Anyone interested in FLOCK can join its presale by going to its official website, where they buy the coin at a price of $0.0058161.
Its sale will have 50 stages, with its price rising with each successive phase.
And given that it has raised nearly $1 million in less than a month, it could rally hard once it lists in the next couple of months.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
