In the context of increasing cryptocurrency volatility over the past few weeks, the price of Dogecoin (DOGE) has risen over 46 percent in the last three weeks to test the important resistance level above 15 cents. The meme lord, with a fully diluted valuation of about $23 billion and an average daily trading volume of around $2.3 billion, has dropped nearly 8 percent in the past 24 hours to trade around $0.1585 on Friday, November 1, during the London trading session.
Leading indicators suggest an imminent parabolic price increase for Dogecoin in the future.
According to technical analysis, the price of Dogecoin has formed a fractal pattern similar to previous major bull markets. This large-cap altcoin, secured by the legendary Proof-of-Work (PoW) consensus mechanism and boasting over 7.3 million holders, has gradually gained bullish momentum over the past year.
According to renowned cryptocurrency analyst Elja, the price of Dogecoin is about to create its first weekly golden cross between the 50 and 200 Moving Averages (MA). The cryptocurrency analyst notes that the price of DOGE surged over 21,000 percent within about five months following a similar golden cross in 2021. In the medium term, the price of Dogecoin could soon soar to the psychological resistance level of around 20 cents, which is an increase of over 50 percent from the current level.
Why bet on DOGE?
Despite the emergence of hundreds of new meme coin projects recently across various chains, Dogecoin remains the undisputed leader. This dog-themed meme coin has high liquidity across many different web3 platforms.
The unwavering support from tech billionaire Elon Musk has helped Dogecoin become more popular among cryptocurrency investors. The biggest bet on Dogecoin right now is the potential victory of Republican presidential candidate Donald Trump.