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Dogecoin has entered a consolidation phase, remaining below its recent local high of $0.48. Despite showing signs of upward momentum, the price struggled to break through key resistance levels, leaving traders and investors anticipating its next move. Market sentiment remains optimistic as Dogecoin continues to attract the attention of individual and institutional players.
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Senior analyst Altstreet Bets recently shared a detailed technical analysis, suggesting that Dogecoin is poised for another rally. According to his analysis, DOGE is forming a strong base, indicating that a breakout may be imminent. Altstreet Bets has set an ambitious target of $0.65, predicting that the memecoin leader will reach this level in the coming weeks if current support continues and demand increases.
Dogecoin’s consolidation phase is not unusual after a major rally, as the market often takes time to stabilize before continuing its upward trajectory. For DOGE, a break above $0.48 would indicate that it is ready to resume its rally. While market participants are closely monitoring signs of a breakout, Dogecoin’s ability to hold its current support levels will determine whether it can live up to its bullish outlook and reach new highs soon.
Can Dogecoin’s rally continue?
Dogecoin has taken the market by storm with astonishing gains of around 220% since November 5, sparking optimism among investors who believe the meme has greater upside potential this cycle.
However, the price is currently stuck below the local high of $0.48, which it hit on November 23, raising concerns about whether it can maintain its momentum. DOGE must decisively break above this critical resistance level to restore its uptrend.
Altstreet Bets offered a compelling analysis on XWhich indicates that Dogecoin is poised for another round. According to his view, a break above the $0.45-$0.48 range would confirm renewed momentum, which could push the price to $0.67. Such a move would represent a 60% continuation of its ongoing trend and solidify Dogecoin’s leadership in the meme coin market.
Despite the optimism, risks remain. Dogecoin may face further consolidation or correction as the broader market waits for the next catalyst. Price action around the $0.45-$0.48 level will be crucial in determining the course of the currency. If DOGE fails to rise, it may continue its sideways movement or pull back, testing lower support levels as investors reevaluate their strategies.
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For now, market attention remains focused on Dogecoin, as its ability to maintain current levels and overcome resistance is pivotal in maintaining its upward momentum.
DOGE is approaching pivotal resistance
Dogecoin is currently trading at $0.42, and has been experiencing days of sideways price movement and repeated failed attempts to break the $0.44 resistance level. This critical level has proven to be a strong barrier, hindering DOGE’s upward momentum. However, analysts agree that once Dogecoin breaks above $0.44, a strong bullish breakout could push the meme coin towards new all-time highs.
Despite the optimism, the current lack of decisive action raises concerns. If Dogecoin fails to breakout in the coming days, it risks a prolonged consolidation or possible correction. This scenario could dampen market enthusiasm and lead to testing lower support levels, further disrupting DOGE’s upward trajectory.
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For Dogecoin to maintain its recent momentum and continue its rally, a break above the $0.48 mark is crucial. Such a move would confirm bullish sentiment and pave the way for massive gains in the coming weeks. Until then, DOGE remains risky, with traders closely monitoring its performance while it struggles with resistance levels. The coming days will be crucial in determining whether Dogecoin can maintain its position as a leader in the coin market or face a setback.
Featured image by Dall-E, chart from TradingView
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