Dogecoin (DOGE) could surpass the $1 mark if it replicates its 2021 performance, which saw a remarkable 7,000% gain. Currently trading at $0.3927, DOGE has emerged as one of the top-performing assets in November, accelerating after President-elect Donald Trump’s election victory. Over the past 30 days, DOGE has surged by 229%.

Market Structure Shifts and Potential for Price Gains

A significant change in DOGE’s market structure at the $0.37 level mirrors movements seen in October 2021. With a short-term turnaround, DOGE could see higher price targets if it follows its historical trend.

Classic Chart Pattern: Inverse Head-and-Shoulders

Veteran trader Peter Brandt has recently highlighted DOGE’s adherence to “classical charting principles.” In a recent post, he pointed out that DOGE is forming an inverse head-and-shoulders pattern—a setup it also displayed in 2020 before a major rally. In 2024, DOGE’s weekly chart has shown a similar accumulation phase, and the recent breakout from this pattern resulted in a 190% rally.

Economist and crypto trader Mikybull also noted the significance of a “golden cross” on DOGE’s weekly chart, suggesting the potential for further gains. While DOGE achieved a 7,000% rally in 2021, Mikybull estimated a potential market peak of $3 to $4, representing an increase of over 1,136%, given the laws of diminishing returns.

DOGE’s Immediate Price Levels

On November 12, DOGE peaked at $0.44 before correcting by 22% to $0.34, where it has since oscillated. Market expectations of a bullish move followed Trump’s appointment of Elon Musk and Vivek Ramaswamy to lead the Department of Government Efficiency (D.O.G.E), a nod to Dogecoin’s acronym.

According to crypto trader Jacob Canfield, a muted reaction at this stage might indicate a potential broader sell-off. From a technical perspective, DOGE’s immediate support zone lies between $0.30 and $0.326. Below $0.30, an order block between $0.272 and $0.297 aligns with the 50-day EMA, which could provide additional support for price recovery.

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