• Dogecoin has been one of the biggest gainers following the election of Donald Trump last week, and the cryptocurrency meme coin got another boost this week when the president-elect announced the creation of a new agency that carries the acronym DOGE.

• The meme coin broke out from a cup and handle pattern following the election outcome on the highest trading volume since early March, setting the stage for further speculative buying.

• The measuring principle, which calculates the percentage change of the cup and handle’s “cup” and adds it to the pattern’s top trendline value, projects an upside price target in Dogecoin of $1.385.

• Investors should monitor key support levels on Dogecoin's chart around $0.35, $0.285, and $0.22.

Dogecoin (DOGEUSD) has been one of the biggest gainers following the election of Donald Trump last week, and the cryptocurrency meme coin got another boost this week when the president-elect announced the creation of a new agency that carries the acronym DOGE.

The department, which will be co-led by prominent Trump backer and crypto enthusiast Elon Musk, aims to reduce government expenditure and cut excessive red tape. Throughout Wednesday, Musk posted several references to the DOGE department on his social media platform X, which included the meme coin’s symbolic Shiba Inu dog.

Since election day, Dogecoin has surged more than twofold to a three-year high, with the price currently sitting just below this week’s peak as retail traders flood back into cryptocurrencies amid expectations of a crypto-friendly incoming administration. Dogecoin was unchanged Thursday afternoon at $0.39.

Let’s take a closer look at Dogecoin's weekly chart and identify key price levels that investors may be watching.

Dogecoin formed a classic cup and handle between November 2021 and October this year before the price made a decisive breakout above the pattern’s upper trendline following last week’s election outcome.

Importantly, the move occurred on the highest weekly trading volume since early March, setting the stage for further speculative buying.

While the relative strength index (RSI) confirms bullish price momentum with a reading above 80, the indicator also flashes extremely overbought conditions, which could lead to sudden reversals.

Let’s use technical analysis to forecast a potential upside price target to monitor, while also identifying key support areas to watch.

Investors can forecast a potential upside price target by using the measuring principle, a technique that uses prior price action to predict future moves. When applying the tool, we will measure the percentage move, given Dogecoin’s significant price fluctuations.