Over the past month, Dogecoin ($DOGE) has been oscillating around the resistance level of $0.44. Despite multiple attempts to break through, the price has not been able to return to the high of $0.48 set in November. The prolonged consolidation has left traders and investors anxious, all waiting for a decisive breakout that could signal the popular meme token's next market wave.
Top investor Carl Runefelt recently shared his technical analysis on X, stating that DOGE remains in a bullish consolidation phase. He believes this sideways movement may be part of a broader setup and could yield significant returns. Runefelt remains optimistic about Dogecoin's prospects, believing that once it breaks out of the current range, DOGE is likely to hit new highs.
Dogecoin's price trend is closely related to the overall market direction, especially Bitcoin's performance, which recently broke the $100,000 threshold. Given that altcoins typically follow Bitcoin's lead, many speculate that DOGE may soon experience a breakout.
However, before DOGE can break through the key resistance level, the market remains cautious. The coming days will be crucial in determining whether Dogecoin can escape the current consolidation zone and resume its upward trend.
Since November 12, DOGE has been maintaining a range of oscillation, leading traders to feel uncertain about its future trend. Although there was a strong rebound on November 23, where the price briefly reached a local high of $0.48, DOGE has since failed to break through that range and has continued to consolidate, leaving investors and analysts patiently waiting.
Potential after the breakout
If DOGE successfully breaks out of the current consolidation range, the next target may be $0.6350. However, analysts caution that this breakout may take time, as Dogecoin typically requires investors to exercise great patience during similar consolidation phases.
Despite the current price trend appearing somewhat hesitant, DOGE has proven that once a breakout occurs, it typically leads to a sharp rise. As Bitcoin breaks the $100,000 level, the market generally believes that altcoins like DOGE will follow suit. Currently, all eyes are on whether Dogecoin can break through the critical resistance level of $0.44.
DOGE faces key resistance
Currently, the trading price of DOGE is around $0.423, reflecting a recent sluggish trend. Although DOGE surged 220% at the beginning of November, it has now entered a calm phase. It has tested the $0.44 mark multiple times but has failed to achieve a significant breakthrough, which has left the market eager for a potential breakout.
If DOGE can close above $0.44, it may trigger a strong rebound, as this price level is a psychological barrier and key resistance. However, considering DOGE's previous rapid rise, the breakout may take some time. Typically, after explosive increases, the market enters a consolidation phase, allowing investors to take profits and absorb selling pressure, paving the way for the next surge.
Although Dogecoin's trend is temporarily calm, its long-term bullish potential still exists. Investors are watching whether DOGE can regain upward momentum and break through to higher levels. A breakout above $0.44 would be a key signal; if this level can become a support level, DOGE may welcome a new wave of increases.
Bold predictions amid cautious optimism
Regarding the future price trend of Dogecoin, there are various speculations in the market. Based on past data, experienced traders set Dogecoin's target price between $10 and $30, while some analysts believe it could soon approach the psychological level of $1. However, not everyone is overly optimistic about its prospects.
A more conservative prediction is that by early 2025, Dogecoin's price may drop by about 5.76% to $0.409, reflecting the high volatility of the cryptocurrency market. Nevertheless, Dogecoin has performed well on 63% of trading days over the past month, providing strong support for its competitive position in the altcoin market.
Dogecoin's ability to transition during the consolidation phase and driven by whale activity makes it a cryptocurrency worth keeping an eye on. Whether it reaches new highs or experiences a pullback, Dogecoin's development story will continue to attract cryptocurrency enthusiasts worldwide.
So, how high can DOGE go?
The question now is: How high can Dogecoin rise before the end of this year? Considering its history of often causing shocks to the market, coupled with the current high investor sentiment, anything seems possible.
