Originally published on: November 13, 2024
Dogecoin (DOGE) has been making waves in November as one of the top-performing cryptocurrencies, with its rally picking up speed following President-elect Donald Trump’s victory in the US elections. In the past 30 days alone, DOGE has surged by a remarkable 229%.
According to CoinGecko, Dogecoin has been the best-performing crypto asset over the last 30 days, showcasing its potential for growth and profitability in the market.
Recent market analysis has revealed a significant shift in Dogecoin’s market structure, particularly at the $0.37 mark, a pattern reminiscent of October 2021. With this turnaround in the short term, experts believe that the price ceiling for DOGE could reach even greater heights if it continues to follow its historical pattern.
Veteran trader Peter Brandt has been closely monitoring Dogecoin’s price action, noting that DOGE is displaying characteristics that align with “classical charting principles.” Brandt pointed out that DOGE had previously exhibited a sideways accumulation range in 2020 before forming an inverse head-and-shoulders (H&S) pattern, leading to a substantial price rally. This historical pattern is repeating itself in 2024, hinting at a potential bullish breakout for DOGE.
Economist and crypto trader Mikybull also highlighted the possibility of a golden cross formation on Dogecoin’s weekly chart, suggesting a market peak of $3 to $4 for the memecoin, representing a significant 1,136% increase based on diminishing returns.
While Dogecoin experienced a correction after hitting a high of $0.44 on Nov. 12, experts remain optimistic about its future performance. The recent announcement of Elon Musk and Vivek Ramaswamy’s involvement in the Department of Government Efficiency (D.O.G.E) further fueled market speculation, with many anticipating a bullish reaction.
From a technical perspective, Dogecoin’s price is currently hovering between $0.30 and $0.326, with the potential for a rebound supported by a fair value gap (FVG) on the 1-day chart. Additionally, an order block between $0.272 and $0.297 on the 4-hour chart, combined with the 50-day EMA level, may act as a strong support zone for price recovery.
As the market awaits further developments, experts believe that Dogecoin’s potential for growth remains strong, with a potential 1,000%+ rally on the horizon. Stay tuned for more updates on this exciting cryptocurrency trend.
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