Originally published on: November 13, 2024
In the midst of a turbulent crypto market, Dogecoin (DOGE) has emerged as a shining star with a remarkable 229% gain over the past 30 days. The meme-inspired coin’s surge was further fueled by President-elect Donald Trump’s victory in the US elections.
As DOGE continues its upward trajectory, market analysts have started to take notice of its intriguing price patterns. Veteran trader Peter Brandt recently pointed out that Dogecoin is following “classical charting principles,” suggesting a potential rally of over 1,000%.
Brandt highlighted Dogecoin’s historical price action, noting similarities between its current situation and a pattern observed in 2020. According to his analysis, if DOGE repeats its previous inverse head-and-shoulders (H&S) pattern, we could see a substantial price increase in the near future.
On a similar note, economist and crypto trader Mikybull mentioned the possibility of a golden cross forming on Dogecoin’s weekly chart, signaling a bullish trend. With a potential market peak of $3 to $4 for DOGE, traders are keeping a close eye on its price movements.
Despite a recent correction that saw Dogecoin drop from $0.44 to $0.34, the market remains optimistic about its future prospects. The announcement of Elon Musk and Vivek Ramaswamy leading the Department of Government Efficiency (D.O.G.E) further fueled expectations of a bullish reaction in the market.
However, some traders, like Jacob Canfield, warn of a possible sell-off if Dogecoin fails to sustain its momentum. From a technical perspective, key support levels for DOGE are identified at $0.30 and $0.326, with additional reinforcement provided by the 50-day EMA level.
As the crypto community eagerly awaits Dogecoin’s next move, it’s clear that the meme-inspired coin has the potential for significant price gains in the coming weeks. Whether it can maintain its current momentum and reach new heights remains to be seen, but one thing is certain – DOGE continues to capture the attention of traders and investors alike.
