NOIDA (CoinChapter.com)— Dogecoin’s price has remained comparatively stagnant these days, regardless of its historic connection to Elon Musk, as soon as an influential driver behind the memecoin’s market actions. The Dogefather himself hasn’t been capable of spark notable rallies, signaling that the crypto market might have matured past mere movie star endorsements. However now, with Musk vocally supporting Donald Trump and creating the D.O.G.E. acronym in his political banter, the crypto neighborhood might have cause to regulate the upcoming election.
As Trump faces Vice President Kamala Harris within the 2024 election, Dogecoin buyers might surprise what occurs if Trump loses. In any case, the previous president, who has rebranded himself as pro-crypto, may form the regulatory panorama for digital belongings like Dogecoin. With this dynamic in play, let’s discover how a Trump loss would possibly impression Dogecoin’s future.
Musk, Trump, and the Crypto Ties That Bind
The connection between Elon Musk and Donald Trump, particularly within the context of crypto, is value dissecting. Initially an outspoken critic of cryptocurrencies throughout his first time period, Trump made a major pivot main up to the 2024 election, changing into one of many first crypto-friendly candidates.
Furthermore, Trump declared himself pro-Bitcoin and even built-in crypto donations into his marketing campaign, branding himself as the primary “crypto president.”
If Donald Trump loses the 2024 election, the repercussions will seemingly impression Dogecoin. Trump has positioned himself because the pro-crypto candidate and overtly advocated for favorable insurance policies towards digital belongings.
The previous US president’s defeat would seemingly deliver regulatory uncertainties again to the forefront, particularly with a Harris administration that won’t provide the identical degree of assist for cryptocurrencies. Moreover, a defeat for Trump would seemingly draw a sigh of reduction from Gary Gensler’s chest.
Furthermore, the shift in political energy may stifle any pro-crypto momentum, creating headwinds for Dogecoin and different digital belongings.
A Trump loss may additionally weaken Elon Musk’s political standing. Musk, who coined the very not-so-imaginative moniker of “Department of Government Efficiency” (D.O.G.E.), aligned himself with Trump’s concepts. Musk’s affect on crypto insurance policies might weaken if Trump loses, probably harming Dogecoin’s market sentiment.
On high of that, the market’s latest indifference to Musk’s Dogecoin-related antics reveals that the memecoin is changing into extra proof against hype.
Nevertheless, the uncertainty of a political shift may reignite volatility for Dogecoin, particularly if regulatory pressures improve. Dogecoin’s destiny may hinge on whether or not the crypto area continues to evolve primarily based on utility quite than hype or turns into weak to exterior political forces as soon as once more.
DOGE Worth Stays Inside Bearish Setup
A bearish setup, the ‘descending triangle sample,‘ may add to the bearish cues towards the DOGE USD pair.
Analysts acknowledge the descending triangle as a bearish continuation sample. The configuration includes a declining higher trendline that compresses price motion into decrease highs, whereas a flat decrease trendline serves as constant however weakening assist.
The sample alerts intensifying promoting strain, leading to progressively weaker rallies that battle to breach resistance.
On this setup, merchants estimate the potential draw back by measuring the utmost top of the triangle. Pepe coin’s price just lately broke out of this descending triangle, just for bulls to push it again inside the sample.
Nevertheless, if the DOGE USD pair confirms the bearish setup, DOGE price may plummet by almost 61%, reaching a goal close to $0.04.
A breakout beneath the sample within the present market local weather may harm DOGE costs, probably leading to losses for the buying and selling pair.