Dogecoin price is holding steady as crypto pro sees more gains

Dogecoin’s price remained resilient on Monday, outperforming other major cryptocurrencies as traders focused on the upcoming U.S. presidential election on Tuesday. The largest meme coin in the crypto space, Dogecoin (DOGE), rose to $0.1570, reflecting a 10% increase from its Sunday low.

Some analysts see further upside potential for Dogecoin, pointing to strong technical indicators and the possibility of a Donald Trump victory in the election. In a post on X, AMCrypto, a well-known analyst with 12,000 followers, suggested that DOGE could potentially reach $1 in this bull market, signaling a 540% increase from its current price.

Dogecoin is displaying additional bullish technical signals, suggesting further upside potential. As shown in the chart, the token has formed a “cup and handle” pattern, a classic bullish indicator, with the recent pullback likely forming the “handle” of the pattern.

In addition to the cup and handle setup, Dogecoin has also formed a golden cross, with the 50-day and 200-day Exponential Moving Averages (EMAs) crossing bullishly. This crossover is often seen as a sign of long-term positive momentum. Furthermore, Dogecoin has moved above the 50% Fibonacci Retracement level, which adds to the bullish outlook.

The most likely scenario is for DOGE to continue its ascent and potentially retest its year-to-date high of $0.2286. This would represent a 47% increase from its current price, further strengthening the case for a continued rally.

Dogecoin Could Benefit if Trump Wins

Dogecoin’s price could see a significant boost if Donald Trump wins the upcoming U.S. presidential election, which currently shows a 50-50 chance of occurring. Trump is viewed favorably by many cryptocurrency investors, mainly due to his commitment to implementing policies that support the crypto sector.

One key factor driving this optimism is Trump’s promise to appoint Elon Musk to lead the Department of Government Efficiency, with the goal of reducing government costs by at least $2 trillion. Musk, a well-known supporter of Dogecoin, has also allowed Tesla customers to purchase vehicles with DOGE and is believed to hold a significant amount of the cryptocurrency himself.

However, the potential for this bullish scenario hinges on Trump’s victory. If he doesn’t win, the outlook for Dogecoin may weaken. Recent polling data shows a tight race, particularly in swing states, with past polls—such as those from 2016 and the last mid-term elections—often proving inaccurate.

If Kamala Harris wins the presidency, some analysts predict that Dogecoin could experience a pullback to around $0.12 before continuing its upward trend, as the market digests the potential policy shifts under her leadership.