Dogecoin Skyrockets 11%: What Is Going On?

Dogecoin's DOGE/USD single-day 11% surge has sparked speculation in the cryptocurrency community if a strong bullish run is possible in case of a Trump election win.

What Happened: Crypto chart analyst Ali Martinez flagged a “Sell” signal on Dogecoin's 4-hour chart, forecasting a potential correction to $0.161 or $0.156. According to Ali Martinez, Dogecoin's user base continues to grow, with over 35,000 new DOGE addresses being created daily.

The TD Sequential presents a sell signal on the #Dogecoin $DOGE 4-hour chart, anticipating a correction to $0.161 or $0.156! pic.twitter.com/q8CRhYSZR4

— Ali (@ali_charts) November 5, 2024

Crypto trader Unipcs expects Dogecoin could go "parabolic" if Donald Trump wins the election, foreseeing gains for both DOGE and the similarly named meme asset, ‘Department of Government Efficiency’ (D.O.G.E.). He likened their current state to "underwater beachballs waiting to explode."

Other commentators in the crypto community pointed out Dogecoin’s first golden cross since Q4 2020 and strength in chart patterns.

Trader Rekt Capital pointed out that Dogecoin recently retested its May highs as new support, suggesting the coin could eventually revisit the $0.20 level.

$DOGE

Dogecoin has also most recently successfully retested the May 2024 highs as new support (blue)

Overall, continued stability above blue will continue to position DOGE for a move via the orange pathway to revisit the $0.20 highs (black) over time#DOGE #Crypto #Dogecoin https://t.co/CkqCTH6Dms pic.twitter.com/oEKk87uvu7

— Rekt Capital (@rektcapital) November 5, 2024

Also Read: Dogecoin Set For ‘Parabolic Bull Run’ In November, Says Analyst: ‘Keep An Eye Out For A Sustained Close’ Above This Level

IntoTheBlock data shows large transaction volumes up by 27.2%, with daily active addresses increasing by 13.4% and major transactions over $100,000 rising from 373 to 586 in just one day. Exchanges netflows are down by 173.2%.

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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• Dogecoin Dips But Traders Identify This Critical Support Zone For A Bounce

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