Dogecoin (DOGE) was one of the top-performing assets in November, as its momentum was further reinforced by President-elect Donald Trump’s victory in the US election. DOGE has gained 229% over the past 30 days. The memecoin’s market structure has changed significantly at $0.37, a price level last recorded in October 2021. With a major short-term turnaround, the price ceiling could be even higher for DOGE if it repeats its historical price pattern.
DOGE forms “inverse head and shoulders” pattern
Peter Brandt, a veteran trader, has been analyzing Dogecoin’s price action regularly over the past few weeks. In a recent post on X, he argued that DOGE has formed “an impressive chart following classic charting principles.”
Brandt explained that Dogecoin had shown a similar sideways accumulation range in 2020 before forming an inverted head and shoulders (H&S) pattern. In 2024, DOGE’s weekly chart continued to follow a similar path, and the bullish breakout from the current inverted H&S pattern drove the price up 190%.
Meanwhile, Mikybull, an economist and cryptocurrency analyst, continued to comment on the potential “consequences” of the golden cross formation on Dogecoin’s weekly chart. While DOGE has surged as much as 7,000% in 2021, Mikybull predicts the memecoin’s market cap will be around $3 to $4, or 1,136%, based on the principle of diminishing returns.
Dogecoin Could Retest $0.30
On November 12, Dogecoin's price peaked at $0.44 but immediately fell 22% to $0.34 on the 4-hour chart. Since then, the memecoin's momentum has slowed, fluctuating between $0.44 and $0.34.
However, the market is expected to see a bullish reaction after Donald Trump officially announced that Elon Musk and Vivek Ramaswamy will lead the Department of Government Efficiency (D.O.G.E), whose acronym coincides with memecoin.
Jacob Canfield, a cryptocurrency analyst, suggested that without a positive response, this could “lead to a broader sell-off.”
Technically, Dogecoin’s immediate area of interest lies between $0.30 and $0.326 (green box), where the Fair value gap (FVG) has formed on the daily chart.
Below $0.30, there is an order block between $0.272 and $0.297 (yellow box) on the 4-hour chart. This order block creates a convergence with the 50-day EMA, which could provide further support for a price recovery.
