Dogecoin (DOGE) Price Analysis: DOGE Maintains Upward Momentum, Hints at a Possible Parabolic Rally

Dogecoin (DOGE) is maintaining an upward momentum, capitalizing on the impact of the Donald Trump victory with an analyst projecting a parabolic rally

Dogecoin (CRYPTO: DOGE) is maintaining an upward momentum, capitalizing on the impact of the Donald Trump victory with an analyst projecting a parabolic rally for the meme coin.

In this case, the token’s parabolic growth channel hints at the asset hitting a minimum target of $3.5, according to crypto trading expert Trading Shot in a TradingView post on November 8.

The pattern, which captures historical performances, indicates that Dogecoin has consistently rallied within this channel, with only one break to the upside, which led to a peak during the April 2021 bull market.

At the same time, the token is showing a key technical indicator, the one-week golden cross, on the horizon. This pattern is traditionally bullish, where the one-week moving average (MA50) crosses above the one-week MA200.

The last time this occurred was in late December 2020, sparking a parabolic rally that drove DOGE to new highs.

Supporting this outlook, the one-week Relative Strength Index (RSI) triggered a bullish cross on October 7, echoing signals from past cycles that preceded significant price rallies.

To this end, TradingShot’s analysis projects that DOGE’s rally could reach the 1.618 Fibonacci extension level, which is in line with previous peak patterns.

With these indicators in mind, the analyst noted that Dogecoin may be in the early stages of its next parabolic rally, anticipating a target of at least $3.5 for this bull cycle.

“We believe that Doge has started its Parabolic Rally, the final and most aggressive part of the Bull Cycle, and based on the previous 1.618 Fib peaks, we are expecting at least a $3.5000 high,” the analyst stated.

More upside projection for DOGE

On another note, Jake Wujastyk, in an X post on November 8, highlighted that DOGE has broken above a long-term descending trendline, which served as a consistent resistance level since early 2022.

This breakout above the trendline suggests a possible start of a new bullish run for Dogecoin. Based on past performances, when the token breaks such a long-term resistance, it usually marks the end of a downtrend, opening the floor for upward momentum.

As reported by Finbold, another analyst, Ali Martinez, pointed out that technical indicators suggest the meme coin might surge to $4.

Furthermore, Dogecoin has also found a boost from its perennial backers. In this case, Tesla (NASDAQ: TSLA) CEO Elon Musk has been instrumental in the token's recent rally.

The rally saw Dogecoin breach new highs, with the gains translating into new millionaire holders, which surged by 40%.

Dogecoin price analysis

At press time, DOGE trades at $0.19, up 3% in the last 24 hours. The leading meme cryptocurrency is up by over 20% on the weekly chart.

On the technical side, the price is above the 50-day and 200-day simple moving averages, which could lead to a further rally.

However, the 14-day RSI is in overbought territory, suggesting that DOGE will likely see a pullback or consolidation soon.

If the broader crypto market maintains its current momentum, DOGE should maintain the gains.

Disclaimer: The opinions expressed in this article are those of the author and do not necessarily reflect the official stance of Money Inc. The content provided in this article is for informational purposes only and should not be construed as financial advice.