Dogecoin price today: $0.1700

• Dogecoin is up over 50% since mid-October.
• The meme coin has shown a connection to a Trump victory and the possible creation of a DOGE government agency.
• DOGE could set a new yearly high if it clears the $0.1758 resistance hurdle.

Dogecoin (DOGE) rose 8% on Tuesday after rising expectations of a Donald Trump victory in the ongoing US presidential election. If the bullish momentum continues, the meme coin leader could rise to a new yearly high.

Dogecoin investors are betting on a Trump victory

Dogecoin has been one of the best-performing cryptocurrencies since mid-October, rising over 50% in the last 20 days. The top meme coin has been in focus since Election Day began and is showing increasing correlations with a possible Republican victory.

Most investors expect a Dogecoin rally if the Republican emerges victorious from the US presidential election, especially due to Trump and Elon Musk's plan to create the Department of Government Efficiency, also known as DOGE

However, there could be a significant DOGE correction if Democratic candidate Kamala Harris achieves victory over Trump.

The high expectation of a DOGE rally is visible in the DOGE exchange liquidation map, which shows traders opening over $130 million worth of long positions for the meme coin in the last 24 hours.

DOGE exchange liquidation map | Coin jar

Dogecoin price prediction: DOGE could reach a new annual high

According to Coinglass data, Dogecoin is trading near the psychological level of $0.1700 after recording $20.50 million in liquidations in the last 24 hours. Long and short liquidations accounted for $9.35 million and $11.15 million, respectively.

On the 4-hour chart, DOGE saw rejection near resistance at $0.1758, a level it has not been able to sustain above since April's meme coin mania. This is the second time DOGE has experienced rejection near the $0.1758 resistance level in the past week.

A successful move above this level could see the meme coin leader rise nearly 20% and test the $0.2106 ceiling of a key upward channel. If the rally continues, DOGE could set a new yearly high above the $0.2288 resistance.

DOGE/USDT 4-hour chart

The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are above their midlines, supporting the bullish outlook.

However, if DOGE breaks below its 50-day and 100-day simple moving averages (SMAs), it could decline towards the support level at $0.1423.

A daily candlestick close below $0.1423 would invalidate the thesis and send prices lower towards $0.1111.