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During the U.S. presidential election, Dogecoin (DOGE) has seen a surge in demand, with large whale transactions propelling it higher. With a 12% price increase and a 75% rise in trading volume, technical and on-chain indicators suggest DOGE may be primed for a substantial rally.
DOGE Demand Rises Amid Election Impact
The ongoing election and reports of crypto-friendly candidate Donald Trump leading have sparked further interest in DOGE. The excitement surrounding Trump’s potential win is seen as a catalyst for Dogecoin’s price, which has risen by over 12% in the last 24 hours. Whale Alert reported that, on November 5, 2024, over 1.06 billion DOGE (approximately $180.22 million) were transferred in two large transactions on Binance and Robinhood.
Dogecoin Price Analysis: Key Resistance Broken
Technical analysis shows that DOGE recently broke a crucial resistance level of $0.1785, and is currently trading around $0.18. If the price closes above $0.184, it could surge by another 20%, potentially reaching $0.22. DOGE is now trading above its 200-day Exponential Moving Average (EMA), a strong bullish indicator signaling potential upward momentum.
Bullish Indicators and Whale Activity
DOGE’s positive trend is reinforced by on-chain data. According to IntoTheBlock, large DOGE transactions have increased by 27.15%, indicating heightened interest from major investors. These strong on-chain signals suggest that DOGE’s market momentum may continue to build.
The combination of election-driven demand and substantial whale transactions reflects a bullish outlook for DOGE in the near term. As election results unfold, investors are eyeing the possibility of new highs for Dogecoin.
