Dogecoin (DOGE) Is on a Path of Remarkable Growth Following the Renewed Market Upswing Due to the United States Presidential election results

Speculations about Dogecoin's price performance in the short term have grown strongly among investors and traders. However, Kevin, a market expert and enthusiast has shed light on the meme coin's near-term price prospects after the completion of a key chart formation.

Dogecoin has demonstrated impressive resilience in the market throughout 2023, fueled by the meme coin's remarkable gains. Countering the bearish market trend, Dogecoin has surged by over 1,200%, leaving several top cryptocurrencies behind in its wake.

Now, as Dogecoin approaches a crucial price level, traders are eagerly awaiting the next move, speculating on whether the meme coin will continue its rally or experience a correction. Notably, Dogecoin is currently trading at a price that is 90% lower than its all-time high, which could indicate potential for further growth.

Dogecoin Price Analysis

Dogecoin began the week on a strong note, surging past the $0.28 level after displaying remarkable resilience at the $0.26 mark. This key resistance level was pivotal in halting DOGE's upward momentum last week, preventing the meme coin from continuing its rally.

However, bulls remained persistent, maintaining prices above the $0.26 level throughout the weekend and into Monday morning. This consolidation period was crucial for DOGE, as it allowed bulls to gather strength for another attempt at breaking through the resistance at $0.28.

With sufficient buying pressure, DOGE was able to finally break past the $0.28 level, surging towards the next key resistance at $0.30. This move was accompanied by a 10% surge in DOGE's price over the past 24 hours and a 90% increase over the past week.

DOGE Price Chart - Crucial Level

The meme coin experienced a brief period of consolidation after breaking through the $0.28 resistance level. This consolidation occurred as bulls prepared for another attempt at pushing prices higher.

With bulls maintaining the upper hand in the market and optimism towards DOGE remaining high, the asset could be set for further gains in the upcoming week. Several technical indicators are also suggesting a bullish scenario for DOGE, with the meme coin positioned above the 50-day Simple Moving Average (SMA) and the 200-day SMA.

This development indicates that higher prices are likely on the horizon, as the 50-day SMA is positioned above the 200-day SMA, creating a "Golden Cross" formation. This technical pattern is often viewed as a bullish signal, indicating a potential for sustained upward momentum.

As DOGE continues to approach key levels, traders are closely monitoring the next move, anticipating a significant rally soon. However, one market expert has pointed out the possibility of a price correction in the short term, suggesting an impending shift in momentum.