Dogecoin Soars After Trump's Victory, What's The Next Target?
JAKARTA - The price of Dogecoin (DOGE) skyrocketed 24% shortly after Donald Trump's recent US presidential election. This positive sentiment boosted DOGE's price to touch the level of US$0.2036 (around Rp3,155).
This increase also coincided with the Bitcoin (BTC) price spike which had just set a new record at US$75,000 (around Rp1,162 billion). Market analysts called Dogecoin "unresistant" and predicted that DOGE prices could reach its next target level at US$0.36 (around Rp5,580).
According toeraguel analyst, DOGE managed to get past the crucial resistance level at 0.17 US dollars (around Rp2,635), which makes the momentum of this increase predicted to continue. Other observers see positive sentiment driven by expectations that Trump's victory will relax regulations against crypto assets.
Meanwhile, data from crypto analysis platform Coininglass shows investors appear optimistic, opening up Long's position on DOGE that is bigger than Short's position. This figure shows strong market expectations against the first meme coin in the crypto industry, Dogecoin.
At the time of writing, Dogecoin is trading at IDR 3,002 per coin. DOGE prices rose more than 13% in the last 24 hours according to data from CoinGecko on November 6 at 15:48 WIB.