Dogecoin Price Forecast: DOGE Breaks $0.12 – Could This Signal a Major Rally to $1?

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

The Dogecoin price has risen by 1.5% in the past 24 hours, climbing to $0.1445 as the meme token continues to benefit from bullishness surrounding Donald Trump’s election prospects.

DOGE is now up by 29% in a week and by 37% in a month, with these gains coming on the back of the coin’s association with Elon Musk, who looks ready to play a role in the Trump administration, should the former president win on November 5.

Musk has been talking about creating a Department of Government Efficiency (D.O.G.E.), with his statements creating the expectation that the meme token will somehow benefit from a second Trump term.

But even if the former Apprentice star doesn’t secure victory next month, the Dogecoin price is likely to continue climbing with the rest of the market, which appears to have entered a more bullish period.

DOGE has actually dipped by 1% in the past hour, so it has lost some of its overnight momentum, although it’s likely to retest its resistance level (red) soon.

After rising above 70 at the end of last week, the coin’s relative strength index (purple) dropped below 50 yesterday, but then rose to nearly 70 again this morning.

While it has dropped again, the fact that it has already recovered from a previous drop would suggest that DOGE is in the middle of a medium-term growth phase.

DOGE’s 30-period moving average (orange) supports this view, given that it’s well above the 200-period average (blue) and is rising further beyond the latter.

It’s also encouraging that DOGE’s trading volume is at $2 billion today, which is very