Dogecoin (DOGE) Price to the Moon? Fractal Pattern Hints at Parabolic Rally Ahead

The meme coin space is expected to remain relevant in the ongoing crypto bull market. Dogecoin price will significantly benefit if Donald Trump wins the US 2024 presidential elections.

Dogecoin price has rallied over 46% in the last three weeks amid the broader crypto market volatility, but now faces a crucial resistance level above 15 cents.

Dogecoin (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.

The meme coin dropped over 9 percent in the past week and slipped nearly 4 percent in the last 30 days. DOGE price, however, is still up over 110 percent from the lows of around $0.074 observed in early January 2023.

Dogecoin price drops despite Donald Trump teasing 2024 presidential run. Source: CoinMarketCap

The dog-themed meme coin enjoys deep liquidity across different web3 platforms and is supported by a large community of over 7.3 million holders. Dogecoin price is up over 46% in 2023 and could rally further amid the meme coin supercycle.

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, is gradually gaining bullish momentum in the past year.

DOGE Golden Cross Approaching ?

Last time this happened, DOGE pumped 21,000% in just 5 months

Memecoin Supercycle is coming pic.twitter.com/R2lpvxtcYI

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.

I will keep supporting Dogecoin

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.

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