Dogecoin Explodes For 86% Weekly Gain: What Is Going On?
By Benzinga
Dogecoin’s (CRYPTO: DOGE) monster rally has traders speculating about elevated price targets.
What Happened: The apex meme coin is up 19% on the day, 86% over the past week and an impressive 162% over the past 30 days, with 94% of holders in profit.
Crypto analyst Kevin pointed out on X that Dogecoin has completed a “Golden Cross” on the weekly chart, where the 50-day simple moving average (SMA) crossed above the 200-day SMA.
Historically, this formation has preceded significant rallies but can initially result in a brief pullback. The trader advises short-term caution, especially as Dogecoin’s upward movement may depend on Bitcoin’s performance.
Crypto Daily Trade Signals pointed out an Inverse Head and Shoulders pattern on Dogecoin’s chart, noting that similar formations in prior cycles led to substantial gains, with Dogecoin surging 3,364% in one instance and over 12,000% in another.
The trader believes Dogecoin is nearing a critical weekly close that could drive another strong rally, potentially boosted by volume.
Raoul Pal from Global Macro Investor described the current market stage as the “last chance to add zone” in crypto, forecasting a meme coin breakout led by DOGE. He also added that Dogwifhat is about to break out.
IntoTheBlock data shows a 128.2% increase in large transaction volume, a 67.9% rise in daily active addresses, and a 137.6% uptick in exchange net flows. Transactions greater than $100,000 expanded from 1,150 to 2,234 in single day.
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.
Read Next:
Image: Shutterstock
