Crypto analyst Ali took to X to express a positive analysis on Dec. 30, noting that the 6780% rally is likely in the cards if Dogecoin doge-0.13%Dogecoin stays in the ongoing ascending parallel channel pattern. While there is excitement about the future of DOGE, looking at the price action and technical indicators offers a more grounded overview of where cryptocurrency currently stands.

DOGE trades at $0.3215 after peaking at over $0.50 earlier this year and consolidating lower. Price seems to trade in a range with $0.30 being an important support and $0.35 to $0.40 being an important resistance. Those levels correspond with historical Fair Value Gaps (FVG), areas of unfilled liquidity, and future potential retracement zones