Dogecoin DOGE/USD has soared 22% this week, with some traders predicting a parabolic rally in November.
What Happened: Trader Master Kenobi shared an analysis of Dogecoin’s performance against Bitcoin and identified similarities with the market situation four years ago following the Bitcoin halving.
The current cycle is 39 days after completing the typical 235-day post-halving period, and he predicts a possible bull market for DOGE-BTC. Kenobi suggests two scenarios.
A faster timeline with a consolidation phase followed by a 39-day breakout where DOGE will soon outperform Bitcoin. He favors the latter and expects DOGE to break above the 200 MA on the weekly chart.
He favors the latter and expects DOGE to break above its 200-day moving average on the weekly chart.
Trader Mickey Bull Crypto believes the current DOGE rally is just beginning, while chart analyst Ali Martinez predicts a parabolic rally for the meme coin in November.
Also read: Dogecoin soars 9% after Elon Musk introduces ‘DOGE’ at Trump rally in New York
Why it matters: Trader analysis provides insight into the potential performance of meme coins. Kenobi’s analysis highlights the possibility of Dogecoin following historical trends, and if these patterns repeat, a bull run for DOGE-BTC is implied.
According to IntoTheBlock data, large transaction volume is up 17.5% and daily active addresses are up 9.3%. Transactions over $100,000 rose from 895 to 986 in one day. Exchange net flows decreased by 24.9%.
What’s next: The impact of meme coins will be thoroughly explored at Benzinga’s Future of Digital Assets event on November 19th.
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