Dogecoin (DOGE), the popular and largest meme coin, is gaining significant attention from crypto enthusiasts following its impressive performance during the United States presidential election.
On November 5, 2024, a whale transaction tracker Whale Alert made a post on X (Previously Twitter) that whales have transferred a total of 1.06 billion DOGE tokens worth $180.22 million in the past 24 hours. This substantial token withdrawal occurred in two separate transactions, one on Binance and another on Robinhood.
However, this happened just ahead of the Presidential election results, with many betting on Donald Trump, who is pro-crypto and currently leading in the polls. This has resulted in a notable recovery and price surge across the crypto landscape. Additionally, there is a strong possibility that we could see this increase significantly if Trump wins the election.
Following all these developments, DOGE is currently trading near $0.18 and has experienced a price surge of over 12% in the past 24 hours. During the same period, its trading volume jumped by 75%, indicating heightened participation from traders and investors ahead of the election result.
According to expert technical analysis, DOGE has broken out from a crucial resistance level at $0.1785 and appears bullish. This breakout seems genuine, as it follows a period of price consolidation near the resistance level and coincides with election results showing a pro-crypto candidate in the lead.
Based on recent price action and historical momentum, if DOGE closes a daily candle above the $0.184 level, it is highly probable that it will soar by 20% to reach the $0.22 level in the coming days.
As of now, the meme coin is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend.
This bullish outlook is further supported by on-chain metrics. According to analytics firm IntoTheBlock, the volume of large DOGE transactions has increased by 27.15%, a sign of growing interest among larger investors and whales.
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