Price: $0.19305 0.9533%
Market Cap: 28.32B 1.1134%
Volume (24h): 4.9B 0.2%
Dominance: 1.1134%
Price: $0.19305 0.9533%
Market Cap: 28.32B 1.1134%
Volume (24h): 4.9B 0.2%
Dominance: 1.1134% 1.1134%
  • Price: $0.19305 0.9533%
  • Market Cap: 28.32B 1.1134%
  • Volume (24h): 4.9B 0.2%
  • Dominance: 1.1134% 1.1134%
  • Price: $0.19305 0.9533%
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.

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