What is happening?
Dogecoin (DOGE) has experienced a significant rally, surging from $0.15 to $0.43 within days, marking its highest level in over three years. The meme coin flipped XRP early Sunday after a 14% daily increase, contributing to a 55% gain over the past week.
The rally was further fueled by a statement from the Department of Government Efficiency, which referenced “DOGE,” sparking market excitement.
However, after reaching a high of $0.44 on Nov. 12, DOGE corrected by 22% to $0.34 within hours. Since then, it has traded within a range of $0.34 to $0.44 as momentum slows.
Elon Musk lawsuit
The 2022 class-action lawsuit accusing Elon Musk and Tesla of manipulating Dogecoin (DOGE) prices has been withdrawn by the plaintiffs as of Nov. 14, 2024. The investors had alleged that Musk and Tesla engaged in a "crypto pyramid scheme" to inflate DOGE’s value, seeking $258 billion in damages.
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In the legal filing, the plaintiffs agreed to withdraw their appeal from the Second Circuit Court of Appeals and waived their right to pursue any further post-judgment relief. Both sides have also agreed to drop motions for sanctions related to the case. However, the withdrawal must still receive formal approval from U.S. District Judge Alvin K. Hellerstein for the litigation to be officially concluded.
The lawsuit was centered on claims that Musk manipulated DOGE prices through media appearances and social media posts.
DOGE price prediction
Dogecoin (DOGE) has recently experienced significant bullish momentum, highlighted by a golden cross — a technical pattern where the 50-day moving average crosses above the 200-day moving average.
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Historically, this formation signals strong upward trends and has often preceded major price rallies. DOGE's price has surged, breaking through resistance levels at $0.22 and $0.30, with rising trading volumes further validating this momentum.
Veteran trader Peter Brandt noted DOGE’s adherence to classical charting principles. He highlighted a similarity between its current price action and a pattern observed in 2020, where a sideways accumulation phase evolved into an inverse head-and-shoulders (H&S) formation.
DOGE $DOGE has been an outstanding charting market following classical charting principles I am going to follow up in a few hours with a comparison chart that will blow your mind (as long as I remember to do so at age 78) pic.twitter.com/xKuLflPgea
— Peter Brandt (@PeterLBrandt) November 13, 2024
This same pattern in 2024 has contributed to DOGE’s massive 190% rally. Brandt's analysis underscores the technical strength behind Dogecoin's recent performance, suggesting the potential for sustained bullish trends.
