Dogecoin follows the ‘classical charting principle’ which suggests a 1,000%+ DOGE rally.
Dogecoin (DOGE) was one of the top performers in November, and its rally gained momentum after President-elect Donald Trump won the US election. Over the past 30 days, DOGE has gained 229%.
Best performing crypto asset in 30 days. Source: CoinGecko
The market structure of memecoin previously witnessed a significant change of $0.37 in October 2021.
DOGE features a “classic” reverse head and shoulder design
Veteran trader Peter Brandt has repeatedly analyzed the Doge's price action over the past few weeks. In a recent X post, the trader said DOGE featured “an advanced charting market following classical charting principles.”
Dogecoin 1-Week Chart Analysis by Peter Brandt. Source: X.com
As Brandt explained, Dogecoin showed a similar sideways stock range in 2020 before forming an inverse Head and Shoulders (H&S) pattern. In the year In 2024, the DOGE weekly chart followed a similar path, and resulted in a 190% price rally from the current reversal H&S pattern.
Dogecoin 1-Week Chart Analysis by Mikbul. Source: X.com
Meanwhile, Mikibul, an economist and crypto trader, continued to address the “implications” of the gold cross that dominated Dogecoin's weekly chart. With Dogecoin rallying to 7,000% in 2021, the trader listed a market cap of $3 to $4 per memecoin, or 1,136%, depending on the rules of diminishing returns.
Related: Why are memecoins high today?
Dogecoin may try $0.30 again.
On November 12, the price of Dogecoin reached a high of $0.44 but immediately showed a correction of 22% to $0.34 in the next four hours chart. Since then, memecoin has slowed down, oscillating between $0.44 and $0.34.
However, after Donald Trump officially announced Elon Musk and Vivek Ramaswamy to head the Department of Government Efficiency (DOGE), the market expected a strong reaction.
Jacob Canfield, a crypto trader, believed that the lack of response “could signal a broader selling period.”
From a technical point of view, Dogecoin's interest area is between $0.30 and $0.326 (green box) and a fair value (FVG) has been created on the 1-day chart.
Dogecoin 4-hour chart. Source: TradingView
Below $0.30, there is an order block between $0.272 and $0.297 (yellow box) on the 4-hour chart. This order block interacts with the 50-day EMA level, which may provide additional support for a price recovery.
RELATED: Trump taps Elon Musk and Vivek Ramaswamy to hit government with ‘DOGE'
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
