Dogecoin (DOGE), the seventh-largest cryptocurrency by market capitalization, has seen a significant price surge, rising from $0.15 to $0.43 in just a few days, marking its highest level in more than three years.
The meme coin flipped XRP early Sunday morning after rising 14% on the day, adding to a 55% gain over the past week. The rally was further fueled by a statement from the Ministry of Government Efficiency that included a reference to “DOGE,” sparking market excitement.
However, after reaching a high of $0.44 on November 12, DOGE corrected 22% to $0.34 within hours. Since then, it has been trading in a range between $0.34 and $0.44 as the momentum has slowed.
Elon Musk's Lawsuit
A 2022 class action lawsuit accusing Elon Musk and Tesla of manipulating the price of Dogecoin (DOGE) has been withdrawn by plaintiffs as of November 14, 2024. Investors had alleged that Musk and Tesla engaged in a “cryptocurrency pyramid scheme” to inflate the value of DOGE, seeking $258 billion in damages.
In legal filings, the plaintiffs agreed to withdraw their appeal from the 2nd Circuit Court of Appeals and waive their right to pursue any remedies following the ruling. Both sides also agreed to drop any punitive damages motions related to the case. However, the withdrawal must still receive formal approval from U.S. District Judge Alvin K. Hellerstein for the case to officially end.
The lawsuit centers on allegations that Musk manipulated the price of DOGE through media appearances and social media posts.
DOGE Price Prediction
Dogecoin (DOGE) has recently seen significant bullish momentum, marked by a golden cross — a technical pattern in which the 50-day moving average crosses above the 200-day moving average.
Historically, this formation signals a strong uptrend and often precedes major price increases. DOGE’s price surged, breaking through resistance levels at $0.22 and $0.30, with increased trading volume further confirming the bullish momentum.
Veteran trader Peter Brandt noted that DOGE adheres to classic chart principles. He highlighted similarities between its current price action and a pattern observed in 2020, where a sideways accumulation phase developed into an inverse head and shoulders (H&S) pattern.
This same pattern in 2024 contributed to DOGE's 190% rally. Brandt's analysis highlights the technical strength behind Dogecoin's recent performance, suggesting the potential for a sustained bull trend.#DogecoinPrice Prediction.
