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Dogecoin has entered a consolidation phase, holding 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 anticipating its next move. Market sentiment remains optimistic as Dogecoin continues to attract attention from retail and institutional players.

Top 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 could 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 consolidation phase is not unusual following a significant rally, as the market often takes time to stabilize before continuing its upward trajectory. For DOGE, breaking above $0.48 will signal that it is ready to resume its rally. As market participants closely watch for signs of a breakout, Dogecoin’s ability to hold current support levels will determine whether it can live up to its bullish expectations and reach new highs shortly.

Can Dogecoin Rally Continue?

Dogecoin has captivated the market with impressive gains of approximately 220% since November 5, fueling optimism among investors who believe the meme coin has more upside potential this cycle.

However, the price is currently stuck below its $0.48 local high, set on November 23, raising concerns about whether it can sustain its momentum. DOGE must break decisively above this critical resistance level to reclaim its bullish trend.

Altstreet Bets offered a compelling analysis on X, suggesting that Dogecoin is primed for another run. According to his insights, a breakout above the $0.45-$0.48 range would confirm renewed momentum, potentially driving 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 could face further consolidation or a correction as the broader market waits for the next catalyst. The price action around the $0.45-$0.48 level will be critical in determining the coin’s trajectory. If DOGE fails to break higher, it may continue its sideways movement or retrace, testing lower support levels as investors reassess their strategies.

For now, the market’s attention remains fixed on Dogecoin, with its ability to hold current levels and overcome resistance being pivotal in maintaining its upward momentum.

DOGE Approaches Pivotal Resistance

Dogecoin is currently trading at $0.42, experiencing days of sideways price action and repeated failed attempts to break above the $0.44 resistance level. This critical level has proven to be a tough barrier, holding back DOGE’s bullish momentum. However, analysts agree that once Dogecoin breaks above $0.44, a strong bullish breakout could propel the meme coin toward new all-time highs.

Despite the optimism, the current lack of a decisive move raises concerns. If Dogecoin fails to break out in the coming days, it risks prolonged consolidation or a potential correction. This scenario could dampen market enthusiasm and lead to a test of lower support levels, further stalling DOGE’s upward trajectory.

For Dogecoin to sustain its recent momentum and continue its rally, a breakout above the $0.48 mark is critical. Such a move would confirm bullish sentiment and pave the way for massive gains in the weeks ahead. Until then, DOGE remains precarious, with traders closely monitoring its performance as it battles resistance levels. The coming days will be crucial in determining whether Dogecoin can maintain its status as the leader of the meme coin market or face a setback.

 Featured image from Dall-E, chart from TradingView

Source: NewsBTC.com

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