• Crypto-enabled Trump leads Harris in key US states

• DOGE price has risen 21% since Trump's MSG rebound

• Dogecoin's “golden cross” boosts U-shaped recovery

Dogecoin (DOGE) is becoming the best performing currency in the cryptocurrency market in the context of the upcoming US presidential election, and Elon Musk also mentioned “DOGE” on the Joe Rogan podcast.

Crypto-enabled Trump leads Harris in key US states

The price of DOGE has increased by around 14% over the past 24 hours, far above the cryptocurrency market's relatively cautious stance, reaching $0.169 on November 5.

Four of America's six key states (including Arizona and North Carolina) are slightly ahead of Harris.

Known for being a community-driven, highly volatile meme coin, DOGE is benefiting from renewed attention from speculators who think a Trump win would be beneficial to cryptocurrencies.

DOGE price has risen 21% since Trump's MSG rebound

Dogecoin has been outperforming its top memecoin rival since Trump's October 27 rally at Madison Square Garden, where Musk promised that his DOGE plan would save US taxpayers $2 trillion.

Since the incident, DOGE's price has risen 21.80%. Meanwhile, subsequent memecoins, including Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), and Bonk (BONK), fell 15.50%, 26.50%, 27.50%, and 30%, respectively, over the same period.

Musk specifically recommended Dogecoin over other memecoins, which could cause traders to transfer funds from lesser-known tokens to Dogecoin.

Dogecoin's “golden cross” boosts U-shaped recovery

Dogecoin's rise today is part of a 40%% rebound after a golden cross was formed on its daily chart, similar to a 50% increase in the November-December 2023 trading session.

A golden cross is a bullish technical pattern that occurs when a short-term moving average (usually a 50-day moving average (MA)) crosses a long-term moving average (usually a 200-day moving average).

Furthermore, DOGE price action appears to be part of a U-shaped recovery after its price bottomed out on August 5, falling to a six-month low of $0.080.

If DOGE/USD closes above the 0.618 Fibonacci retracement line (around $0.171), it could push it towards the $0.192-$0.219 area. Conversely, if it falls back from $0.171, the U-shape may be retestedSupport level(~$0.156).