Dogecoin Price Analysis: 

Dogecoin price crossed the $0.28 mark on November 10, up 100.91% within the last 7-days. Positive speculations surrounding Elon Musk’s expected involvement in Trump presidency could catalyze further upside in the week ahead.

Dogecoin Price Crosses $0.28 First time Since 2021

On November 10, 2024, Dogecoin price crossed the $0.25 mark for the first time in 3-years. The global crypto market has been on an uptrend over the past week. Notably, the rally is mainly attributed to expected regulatory clarity, and corporate adoption of digital assets in the aftermath of Donald Trump’s victory at the Nov 5 polls.

However, DOGE price appears to be outperforming the broader market trends, having deliver more than double the gains observed from the top-10 ranked crypto assets including BTC, ETH and Solana since Trump’s victory.

Emphasizing DOGE’s market leading performance, the chart above illustrates how Dogecoin price has surged 100.91% in the last 7-days, moving from $0.14 on Nov 3, to hit $0.28 at the time of publication on Nov 8.

In comparison, the TOTALCAP chart highlighted (in yellow)  shows the aggregate value of all listed cryptocurrencies has only grown 24%, during the same period.

When a top-ranked assets like DOGE outperforms the broader market average for an extend period, as observed in the past week, it signals the presence of separate bullish catalysts active.

Based on recent market reports, Elon Musk’s expected involvement in Donald Trump’s presidency plays a critical role in Dogecoin’s ongoing rally.

Tesla (TSLA) 30% rally shows traders betting big on assets linked to Elon Musk

During an appearance on the Joe Rogan podcast on the eve of US elections, Elon Musk confirmed that he would heading a newly-proposed Department of Government Efficiency (D.O.G.E) in Trump’s administration.

Since the US Federal Election Commission (FEC) confirmed, Trump’s win was confirmed, all publicly-traded assets linked to Musk have attracted considerable surge in demand.

Since the election, Tesla’s market capitalization has swelled 30%, crossing $1 trillion mark for the first time in 3 years.  The chart above shows how the Nasdaq-listed TSLA rose from $242 per share to reach a 3-year peak of $362 at the time of publication on Sunday.

Why is Dogecoin Price Going Up?

Dogecoin price has breached the $0.25 resistance, with strong demand hinting at potential for more upside. The current market dynamics suggests that strategic crypto traders are taking LONG bets assets linked to Elon Musk’s following Trump’s win.

Elon Musk’s affinity for Dogecoin has been well-document over the last 4 years. Unsurprisingly, while Tesla shares rose 30% since the election win, Dogecoin price has also headed in same direction, with remarkable 100.9% surge.

The TSLA price surge has seen Elon Musk’s net-worth surge past the $300 billion mark. According to the latest Forbes data, Elon Musk’ wealth is now worth a staggering $304 billion, more than $70 billion ahead of Oracle CEO Larry Ellison in distant second, with a $230 billion net-worth.

This partly explains why Dogecoin price has raced ahead of the crypto market average, outperforming more popular digital assets including BTC, ETH and SOL.

Donald Trump’s second inauguration is scheduled for January 20, 2025. If speculative buying pressure surrounding Elon Musk linked assets persists, chances of a major sell-off before the inauguration date are slim.

In essence, within the current market dynamics and political landscape, DOGE price looks set to advance towards the $0.30 level in the weeks ahead.

DOGE Price Forecast: Bulls Now Eyeing $0.35 Breakout

Dogecoin price has surged by 100.91% since the US elections, reaching $0.278 at the time of publication on Nov 8. Historical data shows, that DOGE’s next major resistance now lies at the $0.35 level, if the strong buyer dominance triggers a $0.30 in the coming days.

Despite triple-digit gains within the last 6 days, DOGE continues to show strong buying momentum for the week ahead

Affirming this bullish DOGE price forecast, the Choppines index at 28.5, and Average Directional Index (ADX) indicator hovering at 43.64, both signal growing buying pressure, which supports further upward movement in the short term. .

The immediate resistance zone lies at $0.30, which could pose a challenge if buying volume decreases. However, sustained demand and the strong ADX reading suggest that bulls could push through this level, targeting the next psychological milestone of $0.305.

On the downside, if momentum falters, $0.25 would serve as key support, underpinned by recent buyer interest.