Dogecoin Rallies Post-Election, Exhibits Technical Potential

Dogecoin (DOGE) has been a top performer in November, with its rally accelerating after Donald Trump's election victory. In the past 30 days, DOGE has gained 229%, making it the best-performing cryptocurrency asset.

The memecoin's market structure has shifted at $0.37, a level previously seen in October 2021. If history repeats itself, DOGE could see a significant price increase.

"Classic" Inverse Head-and-Shoulders Pattern

Veteran trader Peter Brandt has analyzed Dogecoin's price action, noting that it has exhibited a "classic" inverse head-and-shoulders pattern. This pattern, which occurred in 2020 and 2024, has historically been followed by a bullish breakout.

Economist and trader Mikybull also observed a potential "golden cross" on Dogecoin's weekly chart, suggesting that a further rally is possible. However, he predicted a market peak of around $3 to $4 based on diminishing returns.

Technical Outlook

Dogecoin's immediate area of interest lies between $0.30 and $0.326, where a fair value gap has formed. Below $0.30, an order block between $0.272 and $0.297 could provide additional support.