According to Cointelegraph: Dogecoin (DOGE) is showing strong potential for a significant rally, with technical indicators pointing toward a possible 1,000% gain, potentially pushing DOGE beyond the $1 mark. Following a recent 229% price surge in November, largely spurred by Donald Trump’s pro-crypto presidential win, Dogecoin has caught the attention of investors. Analysts suggest the memecoin could mirror its historic 2021 rally, which saw gains of over 7,000%.
Dogecoin’s Bullish Pattern and Market Momentum
Veteran trader Peter Brandt has highlighted an inverse head-and-shoulders pattern on Dogecoin’s weekly chart — a bullish signal that suggests more gains ahead. This pattern, combined with a “golden cross” on the weekly chart, could drive Dogecoin’s price to new highs. Crypto analyst Mikybull supports this outlook, forecasting a potential peak of $3 to $4 if the current market momentum holds, indicating a 1,136% rise from its current price.
Key Levels to Watch: Support Zone at $0.30
Dogecoin recently reached $0.44 on Nov. 12 before correcting to $0.34, oscillating between these levels. Analysts identify a crucial support area around $0.30 to $0.326, where a fair value gap aligns with the 50-day EMA. This range could act as a foundation for another leg up, with further gains likely if DOGE breaks above $0.44.
Trump’s Win Fuels Dogecoin Optimism
Trump’s pro-crypto stance, combined with his recent appointment of Elon Musk and Vivek Ramaswamy to the new Department of Government Efficiency (D.O.G.E.), has fueled investor interest in Dogecoin. The strategic moves and a potentially favorable regulatory environment may sustain bullish sentiment around DOGE, driving it closer to the $1 target.
As DOGE’s chart patterns signal a bullish trend, and market sentiment remains strong, Dogecoin is well-positioned to continue its rally. However, experts caution that support at $0.30 will be crucial for sustaining upward momentum.
