Dogecoin DOGE/USD has surged 22% this week, leading some traders to anticipate a parabolic rally in November.
What Happened: Trader Master Kenobi shared his analysis of Dogecoin’s performance against Bitcoin, identifying similarities with market conditions four years ago following the Bitcoin halving.
With the current cycle 39 days from completing the typical 235-day post-halving period, he predicts a possible DOGE-BTC bull run. Kenobi suggests two scenarios:
- A consolidation phase followed by a breakout in 39 days
- A faster timeline with DOGE ready to outperform Bitcoin imminently. He favors the latter, expecting DOGE to break above the 200 MA on the weekly chart.
He favors the latter, expecting DOGE to break above the 200-day moving average on the weekly chart.
Trader Mikybull Crypto believes the current DOGE rally has just begun, while chart analyst Ali Martinez predicts a parabolic November run for the meme coin.
Also Read: Dogecoin Skyrockets 9% After Elon Musk Gets ‘DOGE’ Introduction At Trump Rally In New York
Why It Matters: Traders’ analyses provides insight into the potential performance of the meme coin. Kenobi's analysis highlights Dogecoin's potential to follow historical trends, suggesting a bull run for DOGE-BTC if these patterns repeat.
IntoTheBlock data shows large transaction volume increasing by 17.5% and daily active addresses growing by 9.3%. Transactions greater than $100,000 are up from 895 to 986 in a single day. Exchanges netflows are down by 24.9%.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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