Dogecoin (DOGE) Primed for More Gains as Elon Musk-Led Crypto Rally Targets the $1 Major Price Target

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

Dogecoin (CRYPTO: DOGE) has seen one of the highest crypto gains in November, surging 14.7% over the past week amid a broader crypto market 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 (NASDAQ:TSLA) 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.

What Happened: A popular crypto analyst-cum-trader says that Dogecoin is primed for more gains towards the highly-anticipated $1 major price target.

According to Skew, 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-$0.040 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.

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What Next For Dogecoin? At the time of writing, DOGE was up 1.3% in the last 24 hours to $0.3739, surging 14.7% over the past week.

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 (CRYPTO: XRP), shows CoinGecko data.

Speculators believe Musk’s involvement in the new White House administration could spur the price of DOGE in the future.

Spirit Blockchain Capital, a Canada-headquartered firm, has announced its plans to follow MicroStrategy’s (NASDAQ:MSTR) Bitcoin (CRYPTO: BTC) accumulation strategy to create vast reserves of Dogecoin.

The little-known company has also promised to introduce products that advance the canine-inspired meme crypto, which was originally created as a joke in 2013.