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Dogecoin Is ‘Ready To Run Again’ – Analyst Expects 60% Rally
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin Is ‘Ready To Run Again’ – Analyst Expects 60% Rally

Sebastian Villafuerte
Sebastian Villafuerte
6 months ago
3 mins read
Dogecoin Is ‘Ready To Run Again’ – Analyst Expects 60% Rally

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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.

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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.

Dogecoin ready to run again
Dogecoin ready to run again | Source: Altstreet Bets on X

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.

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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.

DOGE testing crucial supply
DOGE testing crucial supply | Source: DOGEUSDT chart on TradingView

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.

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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

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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