• Dogecoin Set For 'Parabolic Bull Run' In November, Says Analyst: 'Keep An Eye Out For A Sustained Close' Above This Level

    Source: Buzz FX / 02 Nov 2024 01:45:19   America/New_York


    A prominent crypto analyst has forecasted a potential surge for Dogecoin (CRYPTO: DOGE) in November, sparking interest among traders and investors.





    What Happened: Popular crypto analyst Ali Martinez has shared insights suggesting that Dogecoin might experience a significant upward trend this month. In a recent strategy session with his 76,400 followers on X, Martinez highlighted historical patterns indicating a potential rally for the meme coin.





    Martinez notes that November often brings substantial growth for Dogecoin.





    "History hints that November could spark a parabolic bull run for #Dogecoin $DOGE! Keep an eye out for a sustained close above $0.20."





    Dogecoin is trading at approximately $0.161, having gained over 0.8% in the last 24 hours. It has surged over 20% over the past week.











    See Also: Chamath Palihapitiya Says Gen-Z Has ‘Decoupled’ Financial Freedom From Traditional 9-5 Jobs





    In addition to Dogecoin, Martinez is optimistic about other large-cap altcoins, including Polkadot (CRYPTO: DOT). He suggests that DOT could surpass $6.00 by year-end, with its current trading price at $3.92.





    Martinez also mentions that the Solana (SOL)–based memecoin Dogwifhat (CRYPTO: WIF) is gearing up for a bullish move to $3, currently trading at $2.21.











    Why It Matters: The recent dip in Dogecoin’s price has led traders to identify critical support zones for potential rebounds.





    A “cup and handle” formation on Dogecoin's daily chart, starting in June, suggests bullish potential. The $0.15 support zone is crucial, with a possible bounce propelling DOGE to $0.22.





    Moreover, the cryptocurrency industry is anticipating a favorable regulatory environment following the U.S. presidential elections. Industry leaders are hopeful for supportive policies from Washington, regardless of the election outcome. This optimism could further influence the crypto market, including Dogecoin’s performance.





    Price Action: At the time of writing, Dogecoin was up 0.2% over the last 24 hours, trading at $0.161, according to Benzinga Pro data.





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    Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.





    Photo courtesy: Shutterstock


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