Dogecoin Doubles in a Week – More to Come?

Last week, we identified several high-potential investment opportunities in cryptocurrencies leading up to the U.S. presidential election. One standout performer was Dogecoin, which reached our target level with an impressive risk-to-reward ratio of 1:4.65.

Since our recommended entry point, Dogecoin has maintained strong upward momentum, appreciating by an impressive 90%.

4-hour time frame analysis

DOGEUSD - 4 Hour Time Frame

Analyzing the current market structure, Dogecoin remains in a robust bullish phase. This sustained uptrend has drawn considerable interest from investors and traders, particularly following Donald Trump’s re-election.

Known for his supportive stance on cryptocurrencies and plans to strengthen their regulatory and economic infrastructure, Trump’s influence could further drive positive sentiment and increase coin valuations.

Despite the excitement, it’s crucial to adhere to sound trading principles. The ideal opportunity to buy more Dogecoin—or add to existing positions—would come if the price experiences a corrective pullback to the 0.5 Fibonacci level, often referred to as the Discount Zone. This zone offers a lower-risk entry, consistent with market structure theory.

However, any purchases during a correction should only be made after a confirmed buy setup has emerged. We will keep you updated if and when these conditions present themselves.

Buying at internal or external peaks right now may expose you to higher risk, as a correction is expected after the recent strong rally.