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Investors got excited as Dogecoin experienced a big price upsurge making it the best-performing cryptocurrency in the last 24 hours after a massive campaign rally by presidential candidate Donald Trump. Dogecoin’s price spiked following the disclosure that the Tesla CEO is being considered as the head of a proposed department. Related Reading: Pepe Battles Price Decline, But Analysts Signal A Potential Rally Ahead Musk As Gov’t Efficiency Head Former US president Trump, who is eyeing a White House comeback, announced that Tesla CEO Elon Musk will hold a key position in his administration once he emerges triumphant in the upcoming US elections. Trump said that Musk would be the head of a proposed department called the Department of Governmental Efficiency or D.O.G.E. for short, an acronym that bears resemblance to Dogecoin. A similarity analysts viewed sparked the price rally. pic.twitter.com/y0UCd5NvMj — Elon Musk (@elonmusk) October 28, 2024 The Tesla CEO has been making rounds in the country to endorse Trump in his pursuit of getting a second chance at the White House. In a Trump rally in New York City over the weekend, Musk emphasized the benefits of establishing D.O.G.E. He explained that it would generate huge savings for the US government, saying that the new department could trim the annual US budget by $2 trillion. At the @realDonaldTrump / @JDVance rally at Madison Square Garden! https://t.co/gEcj39mXIp — Elon Musk (@elonmusk) October 27, 2024 Dogecoin Price Rally Mentioning the planned D.O.G.E. in a Trump campaign sortie reignited the interest in the oldest meme asset. Charts showed that the price of Dogecoin increased by nearly 15% and traded at $0.157 as the crypto becomes the biggest gainer among the top 100 digital currencies by market cap. According to CoinGecko, Dogecoin has been experiencing a price rally hitting $0.16 on Monday, the highest it has ever been since June. The subtle increase in Dogecoin over the last few weeks coincides with Musk’s continuous involvement in Trump’s quest to get re-elected as US president. After the recent shooting incident against Trump, Dogecoin prices climbed up to a level which is even higher than what it is currently experiencing in relation to D.O.G.E. DOGE price up in the last 24 hours. Source: Coingecko A Portion Of The Coins Are In Top Wallets Analysts said that Dogecoin can provide higher liquidity and abundant centralized listings, saying that the latest breakout pushed the coin’s volume to $2.5 billion. They said that top wallets hold about 21% of all Dogecoin, which is owned by individuals looking for long-term profits. At the time of writing, DOGE was trading at $0.165, up 14% and 16.3% in the daily and weekly timeframes. Related Reading: Bitcoin Potential For Monetary Policy Sparks Growing Interest Among Central Banks Meanwhile, market observers noticed that the Dogecoin price uptick has no impact on “dog-themed tokens”. They also noted that several wallets with substantial Dogecoin are seen to be keen on disposing of their digital assets anytime. Featured image from CCN, chart from TradingView
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Cryptocurrency Market News doge Dogecoin Donald Trump elon musk meme coin US election
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Peter Brandt and Peter Schiff Analyze Bitcoin and Gold Performance
Peter Brandt and Peter Schiff discuss Bitcoin and gold performance differences. Bitcoin has shown no progress against gold in recent months. Continue Reading: Peter Brandt and Peter Schiff Analyze Bitcoin and Gold Performance The post Peter Brandt and Peter Schiff Analyze Bitcoin and Gold Performance appeared first on COINTURK NEWS . NewsBTC
Bitcoin Price Nears All-Time High: Can It Push Past the Mark?
Bitcoin price is rallying above the $72,000 zone. BTC is up over 5% and it could soon aim for a new all-time high above $73,500. Bitcoin started a fresh increase above the $70,000 zone. The price is trading above $70,500 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $69,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is surging and might rise above the $73,500 resistance zone or even to a new all-time high. Bitcoin Price Remains In Uptrend Bitcoin price remained strong above the $70,000 zone. BTC formed a base and started a fresh increase above the $71,200 resistance. The bulls were able to pump the price above the $72,000 resistance. The price regained strength and cleared the $72,500 level. It is up over 5% and trading above the $72,000 level. A high was formed at $73,574 and the price is now consolidating gains. It is just above the 23.6% Fib retracement level of the upward move from the $65,530 swing low to the $73,574 high. Bitcoin price is now trading above $72,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $73,200 level. The first key resistance is near the $73,550 level. A clear move above the $73,550 resistance might send the price higher. The next key resistance could be $74,200. A close above the $74,200 resistance might initiate more gains. In the stated case, the price could rise and test the $75,000 resistance level. Any more gains might send the price toward the $75,800 resistance level. Any more gains might call for a test of $76,500. Are Dips Limited In BTC? If Bitcoin fails to rise above the $73,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $71,650 level. The first major support is near the $69,500 level or the 50% Fib retracement level of the upward move from the $65,530 swing low to the $73,574 high. The next support is now near the $68,500 zone. Any more losses might send the price toward the $67,200 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $71,650, followed by $69,500. Major Resistance Levels – $73,500, and $75,000. NewsBTC
