could DOGE hit $1 soon?

Dogecoin price has entered a technical correction after rising to a multi-month high on November 6 following the election of Donald Trump.

Dogecoin (DOGE), the biggest meme coin, fell 12% from this year’s high to $0.1930 on November 7. A decline between 10% and 19% from a local peak is known as a local correction.

Still, DOGE has become one of the best-performing cryptocurrencies in the past few days after rallying 140% from its August lows.

Most of these gains came as crypto traders remained optimistic about Trump’s victory and its impact on his biggest supporter, Elon Musk. Now that Trump has won, Musk is expected to take a role in the Department of Government Efficiency. He will also likely have a significant crypto supporter in the administration.

Dogecoin has some strong fundamentals and techniques that could take it higher in the long run. Data shows DOGE futures open interest has increased to $1.62 billion, the highest level since April of this year.

Dogecoin futures open interest | Source: CoinGlass

Additionally, the cryptocurrency’s spot market volume remained at a high level. It rose to $6.4 billion on Thursday, its highest level in months, in a sign that investors are buying it.

Will Dogecoin price reach $1? Crypto.com’s DOGE chart

Most importantly, Dogecoin has strong fundamentals, which could help it rally 426% from the current level to $1.

On the daily chart, we see that the DOGE price formed a falling wedge formation between April and September of this year. This pattern consists of two trend lines connecting higher highs and lower lows. An uptrend occurs when two lines approach their intersection levels.

DOGE price formed a golden cross formation when the 200 and 50-day moving averages showed an upward trend on October 25. This formation is usually followed by more gains.

Now he is in the process of creating the cup and handle pattern, which is another sign of continuation. Therefore, further gains will become viable if DOGE breaks above the top of the cup at $0.2285.

On the other hand, a decline below $01425, the swing low on November 3, will invalidate the bullish view.