Dogecoin

Donald Trump

Elon Musk

Dogecoin <a data-ct-non-breakable="null" href="https://cointelegraph.com/doge-price-index" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/doge-price-index">(DOGE)</a> has been one of the top performers in November and the rally gained speed after President-elect Donald Trump’s victory in the US elections. Over the past 30 days, DOGE gained 229%.
<figure><img alt="Dogecoin, Markets, Donald Trump, Elon Musk, Market Analysis, Altcoin Watch, Memecoin" src="https://s3.cointelegraph.com/uploads/2024-11/01932471-d4ba-7313-b45c-0861d8a70518" title="">
 <figcaption style="text-align: center;">
 Best performing crypto asset over 30 days. Source: CoinGecko
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The memecoin’s market structure has undergone a significant shift at $0.37, previously witnessed in October 2021. With a major turnaround in the short term, the price ceiling could be much higher for DOGE if it repeats its historical pattern.
<h2 id="doge-exhibits-classic-inverse-head-and-shoulders-pattern">DOGE exhibits “classic” inverse head-and-shoulders pattern</h2>
Peter Brandt, a veteran trader, has frequently analyzed Doge’s price action over the past few weeks. In a recent <a data-ct-non-breakable="null" href="https://x.com/PeterLBrandt/status/1856499088918766063" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/PeterLBrandt/status/1856499088918766063">X post</a>, the trader claimed that DOGE has exhibited “an outstanding charting market following classical charting principles.”
<figure><img alt="Dogecoin, Markets, Donald Trump, Elon Musk, Market Analysis, Altcoin Watch, Memecoin" src="https://s3.cointelegraph.com/uploads/2024-11/01932487-d9c4-745c-b014-e6154d7ad542" title="">
 <figcaption style="text-align: center;">
 Dogecoin 1-week chart analysis by Peter Brandt. Source: X.com
 </figcaption>
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Brandt explained that Dogecoin demonstrated a similar sideways accumulation range in 2020 before forming an inverse head-and-shoulders (H&amp;S) pattern. In 2024, DOGE’s weekly chart followed the same path, and a bullish break from the current inverse H&amp;S pattern led to its 190% price rally.
<figure><img alt="Dogecoin, Markets, Donald Trump, Elon Musk, Market Analysis, Altcoin Watch, Memecoin" src="https://s3.cointelegraph.com/uploads/2024-11/01932496-eb57-710a-870e-15d8e36570ac" title="">
 <figcaption style="text-align: center;">
 Dogecoin 1-week chart analysis by Mikybull. Source: X.com
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Meanwhile, Mikybull, an economist and crypto trader, <a data-ct-non-breakable="null" href="https://x.com/MikybullCrypto/status/1856197020995748347" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/MikybullCrypto/status/1856197020995748347">continued</a> to address the potential “implication” of a golden cross that prevailed on Dogecoin’s weekly chart. While Dogecoin rallied close to 7,000% in 2021, the trader outlined a market peak of around $3 to $4 for the memecoin, or 1,136%, based on laws of diminishing returns.
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/why-are-memecoins-up-today" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/why-are-memecoins-up-today">Related: Why are memecoins up today?</a>
<h2 id="dogecoin-may-retest-0-30">Dogecoin may retest $0.30</h2>
On Nov. 12, Dogecoin’s price reached a high of $0.44 but immediately exhibited a correction of 22% to $0.34 on the next four-hour chart. Since then, the memecoin’s momentum has slowed, oscillating between $0.44 and $0.34.
However, the market anticipated a bullish reaction after Donald Trump officially <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-elon-musk-vivek-ramaswamy-slash-gov-t-doge" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/trump-elon-musk-vivek-ramaswamy-slash-gov-t-doge">announced</a> Elon Musk and Vivek Ramaswamy to lead the Department of Government Efficiency (D.O.G.E), which has the same acronym as the memecoin.
Jacob Canfield, a crypto trader, <a data-ct-non-breakable="null" href="https://x.com/JacobCanfield/status/1856509611961966997" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/JacobCanfield/status/1856509611961966997">believed</a> that a lack of reaction might “spell a broader sell-off” period.
From a technical standpoint, Dogecoin’s immediate area of interest lies between $0.30 and $0.326 (green box), where a fair value gap (FVG) has formed on the 1-day chart.
<figure><img alt="Dogecoin, Markets, Donald Trump, Elon Musk, Market Analysis, Altcoin Watch, Memecoin" src="https://s3.cointelegraph.com/uploads/2024-11/019324a0-ca78-7d5d-acfd-7397da4a95c5" title="">
 <figcaption style="text-align: center;">
 Dogecoin 4-hour chart. Source: TradingView
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Below the $0.30 level, an order block between $0.272 and $0.297 (yellow box) on the 4-hour chart is present. This order block draws a confluence with the 50-day EMA level, which may provide additional support for price recovery.
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-elon-musk-vivek-ramaswamy-slash-gov-t-doge" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/trump-elon-musk-vivek-ramaswamy-slash-gov-t-doge">Related: Trump taps Elon Musk and Vivek Ramaswamy to slash gov’t with ‘DOGE’</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Dogecoin follows ‘classical charting principle’ which hints at 1,000%+ DOGE rally

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