Dogecoin (DOGE) Price Prediction: DOGE Forms Bullish Patterns, Will It Hit $1?
- Barbara StreisandOriginal
- 2024-11-08 00:26:13230browse
Dogecoin price has moved into a technical correction after soaring to a multi-month high on Nov. 6 following Donald Trump's election.
Dogecoin (DOGE) price has entered a technical correction after surging to a multi-month high on Nov. 6 following Donald Trump’s election.
The biggest meme coin dropped to $0.1930 on Nov. 7, down by 12% from its highest level this year. A drop of between 10% and 19% from a local top is defined as a local correction.
Still, DOGE has become one of the best performing cryptocurrencies in the past few days after rising by 140% from its August low.
Most of these gains came as crypto traders remained optimistic about a Trump victory and its implications for Elon Musk, its biggest backer. Now that Trump has won, Musk is expected to get a role in the Department of Government Efficiency. He will also likely be a key crypto promoter in the administration.
Dogecoin has some strong fundamentals and technicals that could push it higher in the long term. Data shows that DOGE futures open interest has climbed to $1.62 billion, the highest level since April this year.
Moreover, the coin’s volume in the spot market has remained at an elevated level. It rose to $6.4 billion on Thursday, the highest level in months, suggesting that investors are buying it.
Will Dogecoin price hit $1?
Most notably, Dogecoin has strong fundamentals, which could help it rise to $1, up 426% from the current level.
On the daily chart, we can see that the DOGE price formed a falling wedge pattern between April and September this year. This pattern consists of two trendlines, which connect the higher lows and lower lows. A bullish breakout occurs when the two lines converge.
DOGE price has formed a golden cross pattern as the 200 and 50-day moving averages made a bullish crossover on Oct. 25. This pattern is typically followed by more gains.
It is now in the process of forming a cup and handle pattern, another continuation signal. Hence, more gains will be confirmed if DOGE rises above the upper side of the cup at $0.2285.
On the downside, a drop below $01425, its August 3 swing low, will invalidate the bullish outlook.
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