Dogecoin’s (DOGE) price has shown high volatility throughout November, influenced by the latest news in the cryptocurrency market, such as the Bitcoin spot ETF and legal issues related to Binance. Although sharp price movements can be observed in the daily charts, these fluctuations have not established a definite trend, indicating that neither bulls nor bears have completely taken control of the market. In this consolidation phase, Dogecoin is tracing a triangular formation, and the newly formed ascending support trend line could influence its short-term trend.
As a memecoin, Dogecoin has once again attracted investors’ attention by becoming part of a space program. Among the latest developments related to the coin is the deployment of DOGE-1 Cubesat, which is part of SpaceX’s Nova-C/IM-1 satellite launch, delayed by about two years. These updates indicate that the DOGE-1 lunar mission has received regulatory approval to start on January 12, 2024.
Currently, the DOGE price is slowly rising under the influence of the new support trend line, trading at around $0.08. Despite the increased uncertainty in November, the memecoin price has found support several times from this rising trend line, which has helped buyers maintain a steady rally.
Therefore, the price is expected to increase by approximately 5% and encounter resistance around $0.084 at the upper trend line of the long-standing triangular formation. Historical data shows that retesting this trend line often increases downward momentum and leads to significant corrections, so investors need to be cautious at this point.
Consequently, if a breakdown below the mentioned support trend line is confirmed, it could increase selling pressure and lead to a 28% loss from the current price, causing Dogecoin to fall to the lower trend line.
It is observed that DOGE’s price has been showing a sideways trend under the influence of a symmetrical triangle formation for about two years. If the coin price reverses from this upper trend line, it is expected to continue moving sideways over the next month. Therefore, for a more definitive recovery confirmation, buyers need to see the price break above the triangular formation.