Dogecoin (DOGE) was one of the best performers in November and its rally accelerated after President-elect Donald Trump won the US election. In the last 30 days, DOGE gained 229%.
These are the best performing cryptocurrency assets over 30 days. Source: CoinGecko
Memecoin’s market structure has previously undergone significant changes, with the price at $0.37 witnessed in October 2021. If DOGE repeats its historical pattern with a major turnaround in the near term, the price ceiling could go much higher.
DOGE stands for the “classic” inverted head-shoulders pattern.
Veteran trader Peter Brandt has frequently analyzed Doge’s price action over the past few weeks. In a recent
Dogecoin 1-week chart analysis by Peter Brandt. Source: X.com
Brandt explained that Dogecoin showed a similar range of sideways accumulation in 2020 before forming an inverted head and shoulders (H&S) pattern. The weekly chart of DOGE in 2024 followed the same path, with the current bullish trend in an inverted H&S pattern resulting in a 190% price increase.
Mikybull’s Dogecoin 1-week chart analysis. Source: X.com
Meanwhile, economist and cryptocurrency trader Mikybull continued to weigh in on the potential “implications” of the prevalent golden cross on Dogecoin’s weekly chart. Dogecoin has bounced close to 7,000% in 2021, but traders have followed the law of diminishing returns and set the market high for memecoin at around $3-$4, or 1,136%.
Related: Why are memecoins popping up today?
Dogecoin could test $0.30 again.
On November 12, the price of Dogecoin hit a high of $0.44, but the next 4-hour chart showed an immediate 22% correction to $0.34. Since then, Memecoin’s momentum has slowed, fluctuating between $0.44 and $0.34.
However, after Donald Trump officially announced Elon Musk and Vivek Ramaswamy to lead the Department of Government Efficiency (DOGE), which has the same acronym as memecoin, the market expected an optimistic response.
Crypto trader Jacob Canfield believed the lack of reaction “could lead to a wider selling period.”
From a technical perspective, the immediate area of interest for Dogecoin is between $0.30 and $0.326 (green box), where a fair value gap (FVG) has formed on the 1-day chart.
Dogecoin 4-hour chart. Source: TradingView
Below the $0.30 level, there is an order block between $0.272 and $0.297 (yellow box) on the 4-hours chart. This order block could join the 50-day EMA level and provide further support for price recovery.
RELATED: Trump leverages Elon Musk and Vivek Ramaswamy to slam government with ‘DOGE’
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.