Dogecoin

bullish

April

when

Dogecoin price has moved into a technical correction after soaring to a multi-month high on Nov. 6 following Donald Trump’s election.&nbsp; 
Dogecoin (<a href="https://crypto.news/price/dogecoin/" target="_blank">DOGE</a>), the biggest meme coin, retreated to $0.1930 on Nov. 7, down by 12% from its highest level this year. A drop of between 10% and 19% from a local top is known as a local correction. 
Still, DOGE has become one of the best-performing cryptocurrencies in the past few days after soaring by 140% from its lowest in August. 
Most of these gains happened as crypto traders remained optimistic about a <a href="https://crypto.news/the-intersection-of-trumps-promises-and-bitcoins-250k/" target="_blank">Trump victory</a> and its implication for Elon Musk, its biggest backer. Now that Trump has won, Musk is expected to take a role in the Department of Government Efficiency. He will also likely be a key crypto promoter in the administration. 
 You might also like: <a rel="" href="https://crypto.news/coinbase-ceo-calls-us-election-2024-a-huge-win-for-crypto/"> Coinbase CEO calls US election 2024 a ‘huge win for crypto’ </a> 
Dogecoin has some strong fundamentals and technicals that could push it higher in the long term. Data shows that DOGE’s futures open interest has jumped to $1.62 billion, its highest level since April this year. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="280" src="https://crypto.news/app/uploads/2024/11/Dogecoin-OI-1024x280.jpeg" alt="Dogecoin price enters correction: could DOGE hit $1 soon? - 25" class="wp-image-14308801">
 <figcaption class="wp-element-caption">
 Dogecoin futures open interest | Source: <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="nofollow">CoinGlass</a>
 </figcaption>
</figure> 
Additionally, the coin’s volume in the spot market has remained at an elevated level. It jumped to $6.4 billion on Thursday, the highest level in months, a sign that investors are buying it. 
<h2 class="wp-block-heading" id="will-dogecoin-price-hit-1">Will Dogecoin price hit $1?</h2> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/11/Dogecoin-Price-1.png" alt="Dogecoin price" class="wp-image-14308800">
 <figcaption class="wp-element-caption">
 DOGE chart by <a rel="" href="https://crypto.news/price/dogecoin/">crypto.com</a>
 </figcaption>
</figure> 
Most importantly, Dogecoin has strong fundamentals, which could help it jump to $1, a 426% from the current level.&nbsp; 
On the daily chart, we see that the DOGE price formed a falling wedge pattern between April and September this year. This pattern is made up of two trendlines, which connects the higher lows and lower lows. A bullish breakout happens when the two lines near their confluence levels. 
DOGE price has formed a golden cross pattern as the 200 and 50-day moving averages made a bullish crossover on Oct. 25. This pattern is usually followed by more gains.&nbsp; 
It is now in the process of forming a cup and handle pattern, another continuation sign. Therefore, more gains will become valid if DOGE rises above the upper side of the cup at $0.2285. 
On the flip side, a drop below $01425, its lowest swing on Nov. 3 will invalidate the bullish view. 
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Dogecoin price enters correction: could DOGE hit $1 soon?

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