Crypto analyst Ali Charts says we are about to experience a historic November bull run. Dogecoin stands at a 23.96% 7-day increase. Analysts say a parabolic rally could start if Dogecoin can hold above $0.20.
Analysts Predict Parabolic Rally for Dogecoin
According to analyst Ali Charts, DOGE price pattern shares a resemblance with past setups that have resulted in big gains. The token bullish breakouts happen after consolidation of 38 and 36 bars, resulting in a rise in price that is explosive. Dogecoin has consolidated this year’s 42 bars just as it did during the lead-up to major rallies in the past.
He added that a close above the $0.20 threshold could serve as a bullish breakout in November, which should help DOGE gain momentum.
Tony, another analyst, also reminds us that the 2-month Logarithmic MACD (LMACD) of Dogecoin has gone bullish for the first time since its massive rally in 2021, during which the token rallied by a shocking 15,000%.
Employing the recent LMACD crossover, we find that Dogecoin’s momentum has shifted and has turned from red to green as Dogecoin’s price breaks through a descending trendline.
Tony’s analysis shows that the technical indicator is similar to those seen before Dogecoin’s last meaningful rally, suggesting another big upward move is on the horizon.
Elon Musk’s Influence on Dogecoin’s Popularity and Price Surge
On October 28, Dogecoin snuck into a Donald Trump rally and became the focus, despite Bitcoin and Ethereum being more traditional cryptocurrencies.
The speaker drew attention to DOGE’s attractiveness and suggested to the attendees, “Go get some Dogecoin.” This was very well received by the crowd and made the Dogecoin circle radiate.
For many, this mention at a high-profile political event has been heralded as opening the door to recognition. As well as acceptance on a larger scale and is enjoying a wave of social media buzz.
Elon Musk’s ongoing support is keeping Dogecoin in the headlines. Musk is known to be the ‘Dogefather’ who often touts Dogecoin on his social media, which has made it incredibly popular.
With Musk’s backing and the recent acknowledgment from Trump rally, DOGE’s continued, healthy place in both the finance and popular culture worlds is solidified. Investors are thinking of Dogecoin once again.
DOGE Trading Volume Hits 6-Month High Amid Rising Investor Interest
Dogecoin has seen its trading volume skyrocket to a six-month high of $7.27 billion today. This was due to more involved investors and traders.
The token volume has seen various peaks in the past 6 months. In particular in late May and early August when it briefly bubbled up to around $5 billion.
After these peaks, DOGE trading volume and price stabilized at lower levels for most of June to early October. Finally, Dogecoin trading volume hit a new six-month high in October.
Thanks to DOGE’s bullish Open Interest, the volume uptrend closely accommodates it as the Open Interest peaked at $1.41B as of press time.
Open interest on futures contracts reflects the number of outstanding contracts that have been entered into by traders. The rising figure suggests an increasing number of traders getting into positions. The event of this scale always reflects a bullish outlook on the Dogecoin community.
