Don’t Fade Dogecoin! – Analyst Says DOGE Is About To Rally
Dogecoin is about to break out of the 23-day consolidation range and aim for new local highs. The meme coin remains stable within this range, but market momentum suggests it could surge higher soon.
Analyst Crow shared an optimistic technical analysis and told his followers not to fade out of DOGE as it is about to run. The announcement highlights growing expectations for Dogecoin price action, driven by a rally in the broader cryptocurrency market.
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Bitcoin recently broke through the $100,000 mark, setting a new all-time high, reviving market sentiment and creating a bullish environment that could benefit altcoins such as Dogecoin. With BTC leading the way, DOGE appears poised to follow suit, and its next move could determine whether it continues its upward trajectory or remains trapped within its current range.
A successful rally could solidify DOGE’s position As the market leader in the altcoin space. However, failure to break through resistance could lead to an extended consolidation. All eyes are currently on Dogecoin as it gets closer to making decisive moves that could spark new excitement in the market.
Charts Show Dogecoin Is About to Run Again
Dogecoin has been trading sideways since November 12 as bulls struggle to regain the momentum that previously drove its sharp rise. This long period of consolidation has many investors questioning whether DOGE can return to its former glory.
However, there is a glimmer of hope in broader market sentiment, driven by Bitcoin’s historic push past the $100,000 mark. Positive price action across the cryptocurrency market suggests that Dogecoin may be gearing up for another major move.
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Historically, Dogecoin has proven its ability to outperform during bull market conditions. The most recent run up was an impressive 225% surge, attracting the attention of both retail and institutional investors. With Bitcoin leading the way, Dogecoin seems poised to follow suit. The meme coin’s resilience in maintaining its range and improving overall market sentiment could set the stage for its next massive rally.
Adding to the excitement, top analyst and investor The Crow Share technical analysis on X and delivered a bold message: “Don’t let the father of all meme coins fade.” The statement highlights the growing optimism among experienced traders who believe Dogecoin is poised for a breakout.
If DOGE can break out of its current range and regain momentum, it could continue its rise to new highs. Failure to do so, however, could lead to an extended consolidation and possibly a correction. The next few days will be crucial as Dogecoin attempts to capitalize on the new market enthusiasm sparked by Bitcoin’s record-breaking performance.
Can DOGE reach $0.50 this week?
Dogecoin has been struggling with the stubborn 4-hour resistance at $0.455, which has made Dogecoin indecisive. A break above this resistance would allow DOGE to retest local highs at $0.48, a key level that could determine its next major move. If the bulls break $0.48 and hold it as support, a massive breakout could occur that could push DOGE towards new highs.
This scenario is consistent with Dogecoin’s historical behavior during bull market phases, where overcoming key resistance levels often leads to explosive rallies. Strong momentum in the broader market, led by Bitcoin’s recent surge above $100,000, has provided additional impetus to DOGE’s bullish outlook.
However, the risk of failure remains. If DOGE fails to break above $0.455 and $0.48, the price may remain stuck in the current consolidation phase. Continued sideways movement could test investor patience, while a potential correction could push prices toward lower demand levels.
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The next few days will be crucial for Dogecoin as it attempts to regain momentum and capitalize on the strength of the broader market. A break above key resistance will determine whether DOGE resumes its bullish narrative or faces further consolidation.
Featured image from Dall-E, chart from TradingView
