DOGE Backed to Surpass $0.5 With Elon Musk Support For Donald Trump

15 July 2024

in DOGE

Reading Time: 4 mins read

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Dogecoin has grown over 5% in the last 24 hours, trading at $0.1177. Elon Musk has committed to support pro-crypto presidential candidate Donald Trump.

This caused many experts to back back the coin to soar.

For example, Yellow Trades – a YouTuber with over 56,000 subscribers – expects Dogecoin to surpass $0.5 in the near future.

Let’s take a closer look at this optimist DOGE forecast.

Analyst Predicts Dogecoin Price Will Explode

Yellow Trades is well-known in the meme coin community for his reporting and narrative-based price predictions. In a video posted today, the YouTuber analyzed how recent events could impact the price of DogeCoin.

First off, the assassination attempt on former president Trump has increased his chances of winning the election according to analysts. This is anticipated to be a great thing for crypto, as the candidate has shared pro-crypto stances, and is going to be speaking at the Nashville Bitcoin conference on July 27th.

Elon Musk, one of Dogecoin’s biggest backers has also expressed his continued support for the former president. The combination of these factors led Yellow Trades to make a very daring prediction that DogeCoin’s price will go up to $0.51.

This is compounded by an overall upswing in the crypto market, with the YouTuber stressing that if Bitcoin, ETH, and the like can break out, altcoins like DOGE should grow massively. Dogecoin has also seen a recent influx of whales pouring more funds into the coin.

On top of this, Musk has repeated his support for Dogecoin in a recent interview, further exerting upward pressure on its price.

Will Dogecoin Live Up To These Expectations?

Despite Dogecoin’s rally this week, the token is still down 14.23% this month. However, this is a better performance than its biggest competitors- PEPE and WIF, both of which fell over 20% over the last month.

On the flip side, DOGE has had a solid year, growing over 60%. Dogecoin has done well to maintain its position as the number 1 meme coin, and is the 9th biggest crypto overall, with Cardano trailing close behind. Despite this, its current price is still a far cry from its all-time high of $0.7316 per token.

Experts are still quite bullish on DOGE, supporting Yellow Trades’s prediction. World of Charts, an X (Twitter) influencer with over 33,000 followers recently shared his bullish sentiments backed with technical analysis.