Musk’s Trump Tour Causes a Meme Coin Frenzy – Can DOGE Surpass Bitcoin? | Dogecoin Price Prediction

Elon Musk has come into the forefront to support Trump for the White House amid one of the most intensely contested US election campaigns in recent memory.

Five days remain until the US election, and Elon Musk, the so-called “Dogefather” CEO of DOGE, has returned to the forefront of the meme coin market, causing it to soar.

This coincides with a huge pre-election rise in cryptocurrency markets. This week, institutional money drove the price of bitcoin to soar beyond $72,000, putting it on the verge of a new all-time high.

With some pointing to the powerful low-time-frame image of three consecutive “falling wedge” patterns followed by breakout moves, prominent cryptocurrency traders are supporting the new trend.

$DOGE is the most obvious play of this cycle.

But you won’t believe it. pic.twitter.com/xs4NZn4H3f

— CROW (@TheCrowtrades) October 29, 2024

The fact that Elon Musk is bringing attention to the meme coin during a cultural war period in the presidential race, along with the fact that DOGE seems to be continuing its upward trend, gives holder confidence in the coin.

The Nation Is Watching Elon Musk’s Return as DOGE’s Top Supporter

But why has Elon Musk been actively supporting Donald Trump? Also, how is DOGE relevant?

Elon Musk has once again come to the fore in the heated US presidential race, this time to endorse Donald Trump. His support has even landed him a job offer from the pro-Bitcoin Trump government.

Now that he’s officially a campaigner, Musk is focussing on swing states like Pennsylvania, and all the attention has been on his purported role as chief executive officer of D.O.G.E., short for Directorate of Government Efficiency.

As the price of DOGE broke out of its falling wedge pattern on October 28, Elon Musk tweeted a meme about Dogecoin on X, igniting excitement.

pic.twitter.com/y0UCd5NvMj

— Elon Musk (@elonmusk) October 28, 2024

Things took a turn for the worst once again on 29 October when Musk was introduced as the CEO of DOGE while performing at a Trump rally.

Dogecoin is pumping after Elon Musk was introduced as the co-founder of the Department Of Government Efficiency (DOGE) at the Trump rally. 🚀🚀 pic.twitter.com/sT9050gjlM

— DΛVID (@DavidShares) October 27, 2024

A wider meme coin market surge has been led by DOGE’s meteoric rise in value in the past day, which has increased the top meme coin’s 7-day gain to a remarkable 21.9%.

DOGE Price Analysis: : Will Trump Win Next Week’s US Election and Cause DogeCoin to Soar?

The price of Dogecoin (DOGE) has dropped 3.74 percent in the past 24 hours, but is still moving at a healthy $0.16 per coin.

Even though the daily chart is showing a localised correction this morning, the price of DOGE is only cooling down following a huge +25% surge since Monday. Bulls are trying to consolidate their recent gains.

The ascending 20-day moving average (20DMA) is providing support around approximately $0.17 for the DOGE price, which is now situated well above the 200-day moving average (200DMA).

This follows Sunday’s 20DMA rip-roaring due to a golden cross and precedes the bullish impulse from Elon Musk’s US election campaign.

The relative strength index (RSI) has improved sentiment, ranging from a bullish 48 to an overheated 81, thanks to today’s consolidation of the $0.15-$0.17 area. It appears that DOGE crypto is ready to make a comeback and surge higher.

On the downside, a return below $0.15 (-11.85%) is possible, and the next DOGE price objective is $0.2 (+17.55%).

At its current pricing, DOGE provides a risk-reward ratio of 1.48, making it an attractive entry position with decent upside potential.

A tiny +17.55% gain is very appealing, but it may not be found by people looking for low-cap gems.