Dogecoin (DOGE) Price Set for Massive Uptrend

Dogecoin (DOGE) has been on a remarkable rally in the days and weeks prior to the US presidential elections held recently.

Dogecoin (DOGE) has enjoyed a strong uptrend in the days and weeks leading up to the US presidential election. The meme coin, which is up 75.4% on the monthly chart and 13.2% on the weekly timeframe on CoinMarketCap, has seen its recent gains attributed to the proximity of its biggest supporter, Elon Musk.

Musk, who was pivotal in the victory of US president-elect Donald Trump, has promoted the president on X and made mention of DOGE on several occasions. Notably, he once mentioned the memecoin at a Trump campaign.

Going forward, analysts are optimistic about the Dogecoin crypto. According to market analyst Ali Martinez, who recently tweeted that Musk’s active support for Trump’s re-election will ensure that Dogecoin reaches new heights, DOGE “could be primed for a wild ride” on Musk’s influence.

Martinez's analysis suggests that the price of Dogecoin (DOGE) will rise to $4 and $23 if history is to repeat itself.

Can Dogecoin (DOGE) Pump To $1?

In a recent tweet, veteran trader and chart analyst Peter Brandt has highlighted positive sentiments for the Dogecoin token. According to him, DOGE’s price could rally to new levels in the coming weeks.

Such a surge could bring it closer to the long-awaited $1 level. Crow is another trader who believes the Dogecoin crypto price could pump to $1 soon.

Meanwhile, rumors have it that Musk could get a political appointment now that Trump is President-elect. The Tesla boss has joked about becoming the “Department of Government Efficiency,” or DOGE, in the new Trump administration.

At press time, Dogecoin (DOGE) value has dropped on the weekly chart. However, its 14-day RSI remains bullish as it trades above the 200-SMA ($0.129374).