Dogecoin News: Golden Cross Hints 21,000% DOGE Rally in 5 Months!
Qadir AK1 Nov 20241 min read
Amid the heightened crypto volatility in the last few weeks, Dogecoin’s (DOGE) price has rallied over 46 percent in the past three weeks to retest a crucial resistance level above 15 cents. The meme lord, with a fully diluted valuation of about $23 billion and a daily average traded volume of around $2.3 billion, dropped nearly 8 percent in the past 24 hours to trade around $0.1585 on Friday, November 1, during the mid-London session.
Top Indicators Points to Imminent Parabolic Rally for Dogecoin Price Ahead
From a technical analysis standpoint, Dogecoin price has been forming a similar fractal pattern with the previous major bull markets. The large-cap altcoin, which is secured by the legendary Proof-of-Work (PoW) consensus mechanism and takes pride in more than 7.3 million holders, has gradually gained bullish momentum in the past year.
According to a popular crypto analyst Elja, Dogecoin price is about to print the first weekly golden cross between the 50 and 200 Moving Averages (MAs). The crypto analyst noted that the DOGE price rallied over 21,000 percent in about five months following a similar golden cross in 2021.
In the midterm, Dogecoin price could soon burst towards the psychological resistance level of around 20 cents, which is over 50 percent gains from the current levels.
Why Bet on DOGE?
Despite the emergence of several hundreds of new meme coin projects in the recent past across different chains, Dogecoin has remained the undisputed leader. The dog-themed meme coin enjoys deep liquidity across different web3 platforms.
The unwavering support from tech billionaire Elon Musk has helped Dogecoin obtain more popularity among crypto investors. The biggest Dogecoin bet is currently on a potential win for Republican presidential candidate Donald Trump.
