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Dogecoin and Dogelon Mars prices remained in a strong bullish trend as Bitcoin surged to a record high. DOGE, the biggest meme coin in the industry, jumped to a high of $0.3050, its highest level since October 2021. It has soared by over 375% from its lowest level in 2023, bringing its market cap to over $42 billion.
Similarly, the Dogelon Mars (ELON) token soared to a high of $0.000000235, its highest level since April 2024.
Trump win and Elon Musk net worth surges
DOGE and ELON prices continued their strong bull run after last week’s election in the United States in which Donald Trump won by a large margin.
He won 312 electoral college seats and received over 74 million votes, beating Kamala Harris. It was the first time in over two decades that a Republican has done that.
Most importantly, Republicans won the Senate, and are on track to win the House of Representatives, where they need just four seats.
Therefore, investors believe that the new administration will be highly bullish for cryptocurrencies. That explains why Bitcoin has surged to a record high of over $81,000, while the fear and greed index has moved to 74.
At the same time, the election has been good for Elon Musk, who is credited for promoting Dogecoin and inspiring the meme coin industry that is now valued at almost $100 billion.
Data by Bloomberg shows that Musk’s net worth has now surged to over $314 billion, a trend that may continue in the coming days. As such, traders believe that Musk may decide to invest some more money into meme coins like DOGE and SHIB.
The other reason why the DOGE and ELON prices have surged is that the Federal Reserve has started to unwind its interest rates. It slashed rates by 0.25% on Thursday and hinted that more cuts were on the way.
Dogecoin price prediction
DOGE chart by TradingView
The weekly chart shows that the DOGE token price has been in a strong bullish trend in the past few months.
It shows that the Dogecoin token price has formed a golden cross pattern as the 200-week and 50-week Exponential Moving Averages (EMA) have crossed each other.
The token has soared to the 61.8% Fibonacci Retracement level and the Ichimoku cloud indicator. Also, the cup and handle section has formed. In most periods, this is one of the most popular bullish signs in the market.
The Relative Strength Index (RSI) and the Stochastic Oscillator have moved above the overbought level. That is a sign that the coin has more upside since it is gaining more strength.
Therefore, the Dogecoin price will continue jumping as bulls target the key resistance point to watch will be the 50% retracement point at $0.3715, which is about 26% above the current level.
This view will be invalidated if the token drops below the key support at $0.2310. If this happens, the token could drop to the 78.6% retracement level at $0.1600. Analysts believe that the DOGE price could surge to $5 in the coming months.
Dogelon Mars price forecast
ELON chart by TradingView
The daily chart shows that the ELON token bottomed at $0.0000001173, where it failed to move below since August 24.
Dogelon Mars token has moved above the 50-day and 200-day Exponential Moving Averages (EMA). It has jumped above the important resistance level at $0.00000020, its highest swing on July 2023.
The Relative Strength Index and the Stochastic Oscillator have moved to the overbought level, pointing to more gains. Therefore, the token will likely continue soaring as bulls target the key resistance point at $0.00000035, which is about 50% above the current level.
This view will become invalid if the Dogelon Mars price drops below the key support at $0.00000020.
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