Price: $0.42357 -4.1399%
Market Cap: 62.24B 1.8671%
Volume (24h): 11.18B 0.4%
Dominance: 1.8671%
Price: $0.42357 -4.1399%
Market Cap: 62.24B 1.8671%
Volume (24h): 11.18B 0.4%
Dominance: 1.8671% 1.8671%
  • Price: $0.42357 -4.1399%
  • Market Cap: 62.24B 1.8671%
  • Volume (24h): 11.18B 0.4%
  • Dominance: 1.8671% 1.8671%
  • Price: $0.42357 -4.1399%
Home > Information news > Dogecoin price enters correction: could DOGE hit $1 soon?

Dogecoin price enters correction: could DOGE hit $1 soon?

Release: 2024/11/07 22:08 Reading: 848

Original author:crypto.news

Original source:https://coinmarketcap.com/community/articles/672cc56616ef043877879556

Dogecoin price enters correction: could DOGE hit $1 soon?

Dogecoin Price Correction After Post-Election Surge

Dogecoin (DOGE), the prominent meme coin, experienced a technical correction, dipping to $0.1930 on November 7. This 12% decline followed a multi-month high reached on November 6 in the wake of Donald Trump's election victory.

Despite the correction, DOGE has demonstrated strong performance in recent days, surging by 140% since its August low. Trader optimism surrounding Trump's victory and its potential implications for Elon Musk, DOGE's prominent supporter, contributed to these gains. Musk is anticipated to play a role in the Department of Government Efficiency and advocate for cryptocurrency within the administration.

Fundamentals and Technical Indicators Support Long-Term Growth

Dogecoin exhibits robust fundamentals and technical indicators suggesting potential for long-term appreciation. Futures open interest has reached its highest point since April, currently standing at $1.62 billion. Additionally, spot market volume has sustained an elevated level, reaching $6.4 billion on Thursday, indicating active buying interest.

Bullish Chart Patterns Suggest Upside Potential

On the daily chart, DOGE has formed a falling wedge pattern, with two trendlines connecting higher lows and lower lows. A bullish breakout occurs as the lines approach each other. Additionally, a golden cross pattern emerged on October 25, where the 200 and 50-day moving averages crossed bullishly, often signaling further gains.

DOGE is currently in the process of forming a cup and handle pattern, typically indicating continued growth. Breaking above the cup's upper lip at $0.2285 would validate further upward momentum.

However, a drop below $0.1425, the November 3 swing low, would invalidate the bullish outlook.

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.