Dogecoin (DOGE) has experienced one of the highest crypto gains in November amid a Donald Trump-led crypto rally. The leading doggy-themed meme coin spiked to a three-year high price of $0.43, particularly due to its unofficial ties with Tesla and SpaceX CEO Elon Musk, who was recently appointed to co-lead a new Federal agency under the Trump administration called the Department of Government Efficiency — yes, the D.O.G.E.
Over the past 30 days, DOGE gained 164.4%. Yet, a popular crypto analyst-cum-trader says Dogecoin is primed for more gains towards the highly-anticipated $1 major price target.
Trader Eyes $1 DOGE Next
According to Skew, a widely followed crypto analyst, Dogecoin’s recent parabolic pump has arguably fortified its place as a major player in the crypto sector and earned it the title of the King of Crypto.
DOGE went ballistic and completed a higher high on the weekly chart after smashing past a key high-time frame (HTF) resistance zone of $0.32, as seen in an accompanying chart shared by Skew on X.
This break above 32 cents is essential as it demonstrates a structural shift in Dogecoin’s trend, allowing the price to remain steady within the $0.32-$0.40 range. The $0.40 level has recently been an essential target for DOGE bulls. If this level successfully holds, the possibility of a continued meteoric bull run increases.
Moreover, the 0.5 Fibonacci retracement level at $0.398 is important. A decisive close above this region could supercharge DOGE, boosting its price velocity. As such, $0.42 is a vital level that could trigger the rally’s next leg higher.
Skew also points to the 1.618 Fibonacci extension at $1.16. While this could seem like a highly ambitious target, Dogecoin could blast to this area on the back of technical strength and bullish market momentum.
What’s Next For Dogecoin?
At the time of writing, DOGE was up 1.3% in the last 24 hours to $0.3739, surging 14.7% in the past week amid a broader crypto market rally.
While the original meme coin remains well below its all-time high of $0.73 set in May 2021, the recent rally suggests it’s far from losing its appeal. DOGE is now the seventh-largest crypto by market cap, just behind Ripple’s XRP, shows CoinGecko data. Speculators believe Musk’s involvement in the new White House administration could spur the price of DOGE in the future.
Meanwhile, Canada-headquartered Spirit Blockchain Capital has announced it wants to mimic MicroStrategy’s Bitcoin accumulation strategy to create huge reserves of Dogecoin. The little-known company has also promised to introduce products that advance the canine-inspired meme crypto that was originally created as a joke in 2013.
