Author: Biraajmaan Tamuly, CoinTelegraph; Compiled by: Baishui, Golden Finance
Dogecoin was one of the best performing currencies in November, and its gains accelerated after President-elect Donald Trump won the US election. In the past 30 days, Dogecoin has risen by 229%.
The best performing crypto asset in 30 days. Source: Coingecko
The memecoin’s market structure has undergone a major shift at $0.37, which was previously seen in October 2021. If DOGE repeats its historical pattern, its price ceiling could be much higher after a major shift in the short term.
Veteran trader Peter Brandt has frequently analyzed Doge’s price action over the past few weeks. In a recent X post, the trader claimed that DOGE exhibits “excellent charting that follows classic charting principles for the market.”
Peter Brandt’s analysis of Dogecoin’s 1-week chart. Source: X.com
Brandt explained that Dogecoin also exhibited a similar sideways accumulation range in 2020 before forming an inverted head and shoulders (H&S) pattern. In 2024, Dogecoin’s weekly chart has followed the same path and a bullish breakout from the current inverted H&S pattern has led to a 190% increase in its price.
Mikybull’s analysis of Dogecoin’s 1-week chart. Source: X.com
Meanwhile, economist and cryptocurrency trader Mikybull continues to explore the potential “meaning” of the golden cross prevailing on Dogecoin’s weekly chart. Although Dogecoin has gained nearly 7,000% in 2021, traders expect the memecoin’s market peak to be around $3 to $4, or 1,136%, according to the law of diminishing returns.
On December 12, the price of Dogecoin reached a high of $0.44, but immediately saw a 22% correction to $0.34 on the next four-hour chart. Since then, the memecoin’s momentum has slowed down, fluctuating between $0.44 and $0.34.
However, the market expected a bullish reaction after Donald Trump officially announced that Elon Musk and Vivek Ramaswamy would lead the Department of Government Efficiency (D.O.G.E), which has the same acronym as the memecoin.
Jacob Canfield, a cryptocurrency trader, believes that the lack of reaction could "signal a period of broader selling."
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, an order block between $0.272 and $0.297 (yellow box) appeared on the 4-hour chart. This order block converges with the 50-day moving average level, which may provide additional support for price recovery.
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