While the broader crypto market experiences a slight downturn ahead of today’s US presidential election, Dogecoin (DOGE) has defied the trend by surging 10% in the last 24 hours. Over the past three days, DOGE has rallied more than 20% from its local low of $0.14219 on Sunday. Analysts attribute this remarkable performance to speculation surrounding the election and its potential impact on Dogecoin.

Why Is Dogecoin Price Going Up Today?

Several crypto analysts have identified Dogecoin as the leading “Trump trade” within the crypto market—a proxy for betting on a Donald Trump victory in the presidential election. This association stems from Elon Musk’s proposal about leading a “Department of Government Efficiency” (D.O.G.E.) under a Trump administration to reduce government spending.

Russian Market (@runews) suggested that if Trump wins, “Elon Musk will land a role at the White House, potentially making Dogecoin one of the ‘official’ cryptocurrencies.” This speculation is considered one reason why Dogecoin is rallying even as Bitcoin faces a decline.

Mammon (@D_DTRADING) also highlighted Dogecoin’s strong performance, arguing that Dogecoin might have become a leveraged bet for a Trump win. “Dogecoin showing great relative strength and imo this has to do with Elon’s involvement in supporting Trump. In which Dogecoin might have become the leveraged bet for a Trump win. Trump win > Doge to the moon??” he remarked.

Miles Deutscher emphasized Dogecoin’s role as a catalyst in the crypto market: “DOGE pumps (D.O.G.E initiative will propel DOGE + it’s already showing strength as a proxy). DOGE as the meme leader will also drive attention + liquidity rotation to the broader meme narrative. Think of it as the spark that lights the fire.”

Former investment bank trader Pablo Heman (@RealPabloHeman) observed that “DOGE is the only green in a sea of red cryptos,” implying a correlation between Dogecoin’s performance and the political developments.

He pointed out: “The polls are confusing and contradicting, and actually they are FAKE! But the market does not lie! There is a clear, late surge in DJT the Trump stock, which is now making a Bullish Engulfing Pattern over yesterday’s red bar. […] And also DOGE is the only green in a sea of red cryptos. So just keep in mind Trump = DJT and Elon Musk = DOGE.”

Andrea Capellini, founder of Freedom Trading Academy, expressed bullish sentiments on Dogecoin’s potential, suggesting that a Trump and Elon win could send DOGE to $0.47. Capellini’s technical analysis highlights key Fibonacci retracement levels applied from the low at $0.05237 to the recent peak at $0.59546.

Notably, Dogecoin’s price is currently testing the resistance zone just beneath the 23.6% level at $0.21544. Breaking through this resistance could pave the way toward Capellini’s target of $0.47. The Relative Strength Index, a momentum oscillator, stands at 62.72, placing it in the upper neutral zone. This reading indicates growing bullish momentum without yet entering overbought territory (above 70). The current RSI level supports a cautiously optimistic outlook for the continuation of the upward trend.

Moreover, the weekly chart for Dogecoin exhibits a bullish pattern characterized by a series of higher lows and higher highs—a classic sign of a sustained uptrend. However, DOGE is currently facing a downtrend line that has previously acted as resistance. A decisive breakout above this line is crucial to reach higher price targets, including Capellini’s projection of $0.47.

At press time, DOGE traded at $0.16816.