Since DOGE’s current price is 22% higher than the 30-day simple moving average (SMA), miners who acquired DOGE in the last 30 days are holding $10 million in unrealized profits at the time of trading. publication.
With Trump leading in cryptocurrency betting polls, market observers expect the price of DOGE to increase further if the Democratic candidate wins the election on November 5.
Dogecoin miners accumulating their block rewards over the past month send two key bullish signals.
First, when miners withhold their block rewards with millions in unrealized profits at stake, it shows that key stakeholders expect that prices could rise further in the short term.
Even more, the 300 million accumulated DOGE effectively reduces the number of newly mined coins entering the market, paving the way for rapid price increases during periods of high demand.
Dogecoin Price Forecast: Trump Victory Could Spark Flash Rally to $0.20
Dogecoin price is holding above the $0.16 support amid widespread profit-taking signals, susceptible to a further upward push, especially if a Trump victory materializes.
According to Donchian channels on the DOGEUSD On the daily chart, the recent rally tested the upper boundary near $0.19, which may have slightly weakened the established resistance.
With the price currently hovering around $0.16, a break above the $0.1795 midline of the Donchian Channel could pave the way for another attempt at $0.20, if a Trump win triggers buying pressure as widely anticipated.