Dogecoin (DOGE) Is November 4th's Only Profitable Top-10 Crypto So Far

The asset is riding a major weekly bullish trend, eyeing this week's presidential election result that could have a serious impact on the value of the memecoin.

output: Dogecoin is the only top-10 crypto that’s managed to stay in the green on November 4th so far. The asset is riding a major weekly bullish trend, as investors eye the upcoming presidential election result that could have a serious impact on the value of the memecoin.

Over the past 24 hours, DOGE has gone up by an impressive 6.74% according to CoinMarketCap. After falling below the $0.15 zone at the start of the month, the asset has since managed to climb back above that price line.

During the second and third days of November, DOGE saw a steep retraction in price followed by negative investor confidence after a weak U.S. Jobs report sparked conversation for a slowdown of the FED’s interest cuts.

However, during that negative timeframe, Dogecoin investors appear to have picked up strength for an upward reversal. The price action formed a classic reverse head and shoulders pattern, indicating a potential bullish reversal.

This technical pattern has now played out, with DOGE reverting back to a profitable zone above $0.15, showing resilience amid market uncertainty.

Dogecoin Election Ties

Interestingly, DOGE holders might be some of the most invested in this year’s U.S. Presidential election. The steadfast support of the memecoin’s biggest ambassador – the multi-billionaire Elon Musk – to the Republican Candidate Donald Trump has eventually linked $DOGE to the potential success of the former President.

Musk even jokingly suggested that the potential new government could have a new department called ‘Department of Government Efficiency’ – an acronym for D.O.G.E.

It is unlikely that the memecoin would have first-seat claims at a potential Trump presidency. Donald has said recently how he plans on wavering the dollar’s strength through U.S.-dollar-pegged stablecoins and has been openly supporting Bitcoin.

However, despite that, the memecoin's volatile nature, distance from its all-time high, and potential for rapid growth make it a considerable wager for investors anticipating a Trump win later this week.

The above is the detailed content of Dogecoin (DOGE) Is November 4th's Only Profitable Top-10 Crypto So Far. For more information, please follow other related articles on the PHP Chinese website!