‘Golden Cross’ on Dogecoin Weekly Chart as Elon Starts Working with Trump – Will DOGE Hit $100?

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Simon Chandler

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Simon Chandler

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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,...

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November 13, 2024 11:22 EST

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The price of Dogecoin has gained by 2% in the past 24 hours, rising back to $0.3887 as the cryptocurrency market begins to shake off yesterday’s little correction.

Yet DOGE remains up by an impressive 92% in a week and 234% in a month, with President-elect Donald Trump announcing yesterday that Elon Musk (along with entrepreneur Vivek Ramaswamy) will indeed head a Department of Government Efficiency (DOGE).

While this department will focus on rationalizing government operations and spending, its use of the ‘DOGE’ acronym could help propel the Dogecoin price further in the coming months.

And this announcement comes just as analysts notice that Dogecoin’s weekly chart has formed a golden cross for the first time since late 2020, suggesting that a big rally towards $2 or higher may be coming.

‘Golden Cross’ on Dogecoin Weekly Chart as Elon Starts Working with Trump – Will DOGE Hit $100?

The last time Dogecoin’s one-week chart formed a golden cross, its price rose by around 26,000% in a matter of months, peaking at an all-time high of $0.7316 in May 2021.

Crypto Twitter analyst has pointed out that its chart has done the same thing again, with the analyst suggesting that this points to a price target between $2 and $4.

In fact, if you were to calculate a 26,000% rise from Dogecoin’s current price, you would get close to $100.

This is likely unrealistic, however, if only because it would imply a market cap of just over $14 trillion, which would be possible only with runaway inflation (which Trump has promised to ‘end’).

Regardless of the specific target, Dogecoin’s chart and current momentum does suggest that a breakout has begun, with the coin likely to enjoy recurring surges for the rest of the year (and beyond).

Looking at its shorter term one-hour chart, DOGE could see some more falls before it rallies again, although its relative strength index (purple) has stabilized in the past hour and looks like it could jump up very soon.

It’s also hugely bullish that Dogecoin’s trading volume remains very high, at around $38.8 billion today.

This is a sign of strong demand, with the past few days seeing some big DOGE transfers involving whales.

And while DOGE may dip in the next day or so, its medium- and long-term future looks very positive, with Trump confirming that Dogecoin supporter Elon Musk will lead the Department of Government Efficiency.

Given this development, and given the token’s technicals, the Dogecoin price could reach $0.50 by the end of the month, and $1 by the New Year.

New Meme Tokens with Strong Fundamentals

Dogecoin is one of the hottest tokens in the market right now, yet the disadvantage of this is that it may enter overbought territory very soon.

If so, traders may prefer to begin diversifying into alternatives, including newer tokens that could enjoy early-life growth spurts very soon.

This should include presale coins, with probably the most exciting such coin being layer-two project Pepe Unchained (PEPU), which has raised a whopping $28 million in its token offering.

Pepe Unchained is about to launch a layer-two network for Ethereum, with its L2 offering speedier transactions and competitively low fees.

In fact, it will be 100x faster than Ethereum, with which it will provide instant bridging transactions.

It’s aiming to become ecosystem for meme tokens, with the project preparing a launchpad for such coins, so that virtually anyone can launch their own cryptocurrencies.

Its speed will also enable it to provide double the staking rewards it would have been able to as a normal layer-one coin, running on Ethereum.

This will provide a greater incentive to hold PEPU for the long-term, and given that the coin has utility in that users need it to pay transaction fees, it could experience big demand.

It certainly seems that many traders are interested in jumping on PEPE’s bandwagon, with its X account now reaching 50,000 followers.

Read More: Pepe Unchained Price Prediction

PEPU’s sale has only a few weeks left to run, but newcomers can still participate by going to the coin’s official website.

The coin is now selling at $0.01269, although this price will rise again tomorrow.

But with the market entering a bull phase and with PEPU drawing lots of supporters, it could rocket once the token lists.

Buy PEPU Now