How High Will Dogecoin Price Climb This November?

DOGE has been topping the gainers’ chart for the whole of November, and according to market signals, there might be a possible shift in Dogecoin price soon pushing its price well over $1. Analyst Kaleo highlighted that Dogecoin is currently in an accumulation phase just above a significant resistance level on the higher timeframe, laying the groundwork for a potential bullish move.

He noted that this accumulation trend has previously served as a launchpad for rallies, and he believes it could lead to a similar surge in the near future.

Dogecoin Price to Surpass $1 in November?

Crypto analyst KALEO recently gave a very encouraging outlook for Dogecoin price based on his study of the DOGE to BTC pair. Even though he thinks there’s still a lot of room to run up if history once again rhymes with itself, the price of $1.00 and even more should happen in the next few weeks. Speaking about the DOGE to BTC trading pair, he said that since the first half of 2021, it has been subjected to a downtrend characterized by lower highs and lower lows.

Just a reminder: The last time the $DOGE / $BTC pair had this type of a breakout, it had a swift 175% pump to its previous all time highs.

With the way the market has moved recently, and how much strength Dogecoin has shown after Trump was elected and Elon starting to push… pic.twitter.com/FD18Ys0fc8

— K A L E O (@CryptoKaleo) November 13, 2024

The recent breakout above the upper trendline has given cause for cheer. KALEO said that the last time such a breakout had occurred was early in 2021. That was only 24 hours before DOGE had a massive 175% rally that had taken the price to an all-time high of $0.7316. In his view, this is similar to the price action now, meaning that the top meme coin might be up for another rapid rise to more than just $1 in not more than a few weeks.

He said:

“With the way the market has moved recently, and how much strength Dogecoin has shown after Trump was elected and Elon starting to push again, I wouldn’t be surprised to see something similar here.”

Moreover, KALEO saw an interesting accumulation phase in the DOGE/BTC pair since the breakout of the past 48 hours. He added that consolidation above a critical resistance level sets a strong foundation for the next bullish move. Past trends have shown that a significant rally follows such accumulation phases, and KALEO expects Dogecoin to be no different.

The broad crypto market outlook also favors the bullish side of KALEO’s outlook. While DOGE is positioned to outperform Bitcoin’s upside, this expected rally will be even more exaggerated in this conducive market environment.

Dogecoin’s November Rally: Can DOGE Repeat its Historic Gains?

Just when it seemed like Elon Musk’s influence on Dogecoin’s price was over, a surprise move by President-elect Trump saw its prices soar to the moon. In the most recent rally, he appointed Musk to head the Department of Governmental Efficiency or D.O.G.E. The subsequent Republican win propelled the coin upwards, with DOGE up 106% in the last week, displacing XRP to become the fifth-largest cryptocurrency.

DOGE has shown tremendous momentum of late, closing October with its second-highest monthly gains since 2014. In November, investors feel that this upward path will continue. If not for the BTC strength, then at least to continue due to the renewed excitement within the cryptocurrency community. So far, DOGE’s performance in November has been mixed. Yet again, the stage is set for a possible rally.

Analysts have taken to a likely triangular pattern in the DOGE chart. This signals that a positive breakout could be around the corner.

Historically, DOGE’s November performance has been erratic. According to data from CryptoRank, while DOGE entered November 2014 with four positive and six negative months, the coin saw its best return in November 2017 with a gain of 81.9%. Its lowest performance was seen in 2018, with a decline of 42.2%. Last November, Dogecoin saw a rise of 22.5%, reflecting its community-driven momentum and high-profile supporters like Elon Musk.

Despite such a checkered history, Dogecoin remains popular among retail investors, and analysts still predict further growth this November. DOGE is also likely to experience a temporary pullback to consolidate and regain strength after the recent bullish exhaustion.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.