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Author: Biraajmaan Tamuly, CoinTelegraph; Compilation: Baishui, Bitchain Vision
Dogecoin was one of the best-performing currencies in November, and its rally accelerated after President-elect Donald Trump won the U.S. election.Dogecoin has risen by 229% over the past 30 days.
The best performing crypto assets in 30 days.Source: CoinGecko
The memecoin’s market structure has undergone a significant shift at $0.37, which has happened in October 2021.If DOGE repeats its historical pattern, its price cap could be much higher after a significant shift in the near term.
DOGE presents a “classic” inverted head and shoulders shape
Senior trader Peter Brandt has frequently analyzed Doge’s price movements over the past few weeks.In a recent X post, the trader claimed that DOGE showed “a great chart market that follows classic chart principles.”
Peter Brandt’s analysis of Dogecoin 1 week chart.Source: X.com
Brandt explained,Dogecoin also showed a similar horizontal accumulation range in 2020, then formed an inverted head and shoulders (H&S) pattern.In 2024, Dogecoin’s weekly chart followed the same path and broke through the bullish trend from the current inverted H&S pattern, causing its price to rise by 190%.
Mikybull’s analysis of Dogecoin 1 week chart.Source: X.com
Meanwhile, economist and cryptocurrency trader Mikybull continues to explore the potential “meaning” of the prevailing gold crossover on the Dogecoin weekly chart.Although Dogecoin rose by nearly 7,000% in 2021, according to the law of diminishing returns,Traders expect the memecoin market peak to be around $3 to $4, or 1,136%.
Dogecoin has been retested $0.39
Dogecoin hit a high of $0.44 on December 12, but immediately saw a 22% pullback on the chart for the next four hours to $0.34.Memecoin has since slowed, fluctuating between $0.44 and $0.34.
However, after Donald Trump formally announced that Elon Musk and Vivek Ramaswami led the Department of Government Efficiency (D.O.G.E) (which is the same abbreviation as memecoin), the market expects a bullish reaction.
Jacob Canfield, a cryptocurrency trader, believes thatLack of reactions could “mean a wider sell-off” period.
From a technical point of view, Dogecoin’s direct focus area is between $0.30 and $0.326 (green box), with a fair value gap (FVG) already 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) appears on the 4-hour chart.The order block converges with the 50-day moving average level, which may provide additional support for the price recovery.
