Dogecoin Is ‘Ready To Run Again’ – Analyst Expects 60% Rally
Dogecoin has entered a consolidation phase with the price below its recent local high of $0.48. Despite showing signs of bullish momentum, the price has struggled to break above key resistance levels, leaving traders and investors excited about where it will go next. Market sentiment remains positive as Dogecoin continues to attract attention from both retail and institutional players.
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Top analyst Altstreet Bets recently shared detailed technical analysis suggesting that Dogecoin is poised to rise again. According to his analysis, DOGE is forming a strong base, suggesting a breakout may be imminent. Altstreet Bets has set an ambitious target of $0.65, predicting that the meme coin leader could reach this level in the coming weeks if current support holds and demand increases.
Dogecoin’s Integration Phase This is not unusual after a sharp rise, as the market often takes a while to stabilize before continuing its rise. For DOGE, a break above $0.48 would signal that it is ready to resume its gains. With market participants closely watching for signs of a breakout, Dogecoin’s ability to hold current support levels will determine whether it can live up to bullish expectations and reach new highs soon.
Can the Dogecoin rally continue?
Dogecoin has captivated the market with a stunning gain of around 220% since November 5, fueling optimism among investors who believe the meme coin has greater upside potential this cycle.
However, the price currently remains below the local high of $0.48 set on November 23, raising concerns about its ability to sustain its momentum. DOGE must decisively break above this key resistance level to resume the bullish trend.
Altstreet Bets presents a compelling analysis of Xindicating that Dogecoin is ready to run again. According to his insights, a breakout of the $0.45-$0.48 range would confirm new momentum, potentially pushing the price to $0.67. This move would represent a 60% continuation of its current trend and solidify Dogecoin’s leadership position in the memecoin market.
Despite the optimism, risks remain. Dogecoin could face further consolidation or correction as the broader market awaits the next catalyst. Price action around the $0.45-0.48 levels will be crucial in determining the coin’s trajectory. If DOGE fails to break higher, it could continue to trade sideways or pull back, testing lower support as investors reassess their strategies.
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For now, the market’s attention remains focused on Dogecoin, with its ability to hold current levels and overcome resistance critical to sustaining its upward momentum.
DOGE approaches key resistance level
Dogecoin is currently trading at $0.42, having experienced multiple days of sideways price action and multiple failed attempts to break through the $0.44 resistance level. This key level is proving to be a tough hurdle, hampering DOGE’s bullish momentum. However, analysts agree that a strong bullish breakout could propel Dogecoin to new all-time highs once it breaks above $0.44.
Despite the optimism, the current lack of decisive action raises concerns. If Dogecoin fails to break out in the coming days, it could be at risk of a prolonged consolidation or potential pullback. This scenario could dampen market enthusiasm and lead to a test of lower support levels, further hampering Dogecoin’s upward trajectory.
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For Dogecoin to maintain its recent momentum and continue its rise, a break above the $0.48 mark will be crucial. Such a move would confirm bullish sentiment and pave the way for a sharp rise in the coming weeks. Until then, Dogecoin remains volatile, with traders keeping a close eye on its performance as it battles resistance levels. The next few days will be crucial in whether Dogecoin can maintain its position as the meme coin market leader or face a setback.
Featured image from Dall-E, chart from TradingView
