Dogecoin (DOGE) is one of the best cryptocurrency assets, up 12% in the last 24 hours. Mimcoin has gained positive sentiment as the results of the US presidential election draw closer, with markets heavily anticipating a Republican victory.
In the fourth quarter, Dogecoin is up 65% since October 1, and if Donald Trump is elected as the 47th President of the United States, the cryptocurrency asset could rise another 30% within hours.
DOGE is in a “strategic position” amid the US election results.
Independent cryptocurrency analyst Master Kenobi noted that DOGE remains the most “strategically positioned” cryptocurrency when it comes to the US presidential election.
The trader highlighted a long-term weekly chart that shows Dogecoin bouncing between rising channel bands since early 2017. Dogecoin’s price repeatedly bottomed near undervalued territory (blue line) following the BTC halving, followed by a parabolic rally. The other end of the channel or overestimated area (red line).
Master Kenobi’s one-week analysis of Dogecoin since 2017. Source: X.com
According to the above analysis, the long-term target for Dogecoin is approximately $11 in 2025, representing a return on investment (ROI) of 6,447% compared to its current value.
It is important to note that despite repeated historical price movements, the above objectives are highly controversial.
Related: Why Is Dogecoin Price Up Today?
New DOGE addresses surge by 100%
Elon Musk’s personal partnership with DOGE is also well-documented, and was further amplified after the Tesla CEO proposed creating a “Department of Government Efficiency” to reduce government bloat and save taxpayers money. The institutional initials form DOGE, which replicates the ticker of the cryptocurrency asset.
This has potentially led to improved on-chain metrics, with data from IntoTheBlock showing a 100% increase in new DOGE addresses, reaching close to 48,000 at the end of October.
New address for Dogecoin. Source: X.com
The increase in new addresses is likely due to new investors allocating funds to DOGE ahead of the US election results.
Dogecoin has been highly susceptible to these types of positive catalysts, and Trump’s win could trigger a domino effect that would benefit Musk’s position and potentially lead to a short-term DOGE rally.
From a technical point of view, DOGE’s daily charts have already begun to “assess” Trump’s victory. Mimcoin outperformed Bitcoin (BTC) and Ethereum (ETH) in November and is currently below the overhead resistance range.
Dogecoin 1 day chart. Source: TradingView
If the daily close breaks above $0.174 (the upper resistance limit), DOGE could rise 35% towards $0.23, close to its yearly high.
Meanwhile, trader and economist Mikybull Crypto noted that Dogecoin will complete a golden cross on the weekly chart for the first time since 2020.
A golden cross is considered a bullish signal. As can be seen in the chart, similar signals from November 2020 achieved a 20,000% ROI in May 2021, where Dogecoin hit an all-time high of $0.74.
Dogecoin golden cross analysis by Mikybull. Source: X.com
Related: Dogecoin’s 3-Year Channel Breakout Suggests 500% Rally Possible in 2025
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.