DOGE Swing Trade Opportunity after Trump and Elon Musk's Victory
2024-11-06

With the recent victory of Donald Trump in the 2024 U.S. presidential election, the crypto market has responded with a wave of optimism, particularly with Bitcoin (BTC) reaching new all-time highs. This bullish sentiment has trickled down to Dogecoin, which saw a significant price surge of approximately 15%.

Now, with Musk’s push for the D.O.G.E. initiative—aiming to streamline government and reduce spending by trillions—the market is seeing a potential for  CRYPTOCAP:DOGE  to become more than just a meme coin; it could emerge as a symbol for Musk’s broader political and financial influence. This, more than any short-term rate decision from the Fed, could be the real driving force for Dogecoin in the coming months.

 FOMC & Market Pullback 
The Federal Reserve's interest rate decision scheduled for tomorrow could bring volatility to the crypto market. A rate hike could trigger a temporary pullback across major assets, including DOGE. However, these pullbacks may present ideal entry points for traders looking to capitalize on the overall bullish sentiment fueled by a pro-crypto administration.

 Key Levels to Watch for DOGE 

Primary Entry Level – 0.618 Fibonacci Retracement
A significant level to watch for DOGE’s pullback is the 0.618 Fibonacci retracement level, which aligns closely with a 1-day Fair Value Gap (FVG) and the Point of Control (POC) from the volume profile.

This confluence makes it a high-probability entry level where DOGE is likely to find support.
This zone, marked around the $0.16 - $0.17 range, is ideal for both leverage and spot traders looking to go long.

1-Week Order Block Target Zone
For swing traders, the upper target range sits within a 1-week order block between $0.27 - $0.28. This level represents a strong resistance area and an ideal zone to take profits gradually.
Given the bullish sentiment in the broader market, reaching this zone could result from continued positive momentum, especially if Trump's administration continues to promote a crypto-friendly stance.

 Trade Setup Summary 
Entry Zone: $0.16 - $0.17 (0.618 Fib + 1D FVG + POC)
TP Levels:
TP1: $0.21
TP2: $0.24
TP3: $0.27 - $0.28 (1W OB)
Stop Loss: Below $0.15, to protect against deeper pullbacks if the market turns bearish.


 Caution 
As the FOMC decision approaches, expect potential price fluctuations. Monitor the market closely, as rate hikes could impact liquidity and create short-term volatility. Being cautious with leverage and adjusting positions based on market conditions is essential.

Have a safe and victorious trade everyone,
Cheers! 

