Dogecoin Price Remains Bullish Amid Consolidation Phase
Crypto analyst KrissPax has provided a bullish outlook for Dogecoin (DOGE), indicating that the meme coin is currently in a consolidation phase after a significant rally from October to early November.
Dogecoin Price Outlook
In a recent X post, KrissPax noted that DOGE remains bullish despite a recent cool-off. He highlighted that Dogecoin is forming an ascending triangle pattern on the 2-hour chart, characterized by a flat top resistance line and higher lows.
Other analysts, including Rekt Capital, have also pointed out this bullish pattern, suggesting a potential rally to $0.56 upon breakout from the consolidation triangle. Following its rally in October-November, DOGE has consolidated around $0.4, with analysts like Master Kenobi and Kevin Capital asserting this price action remains bullish.
Historically, DOGE consolidated for about 25 days during its last bull run before experiencing another upward movement. Current analysis indicates a similar duration of consolidation, leading to predictions of an imminent price increase. Master Kenobi anticipates a possible rally to $1, eventually reaching as high as $2.9.
DOGE’s Next Movement
Analyst Bluntz Capital predicts an explosive next leg up for DOGE, forecasting a “violent upside move” once it breaks the current accumulation trend. His projections suggest that DOGE could reach $0.6 during this phase.
This anticipated increase would bring DOGE close to its all-time high (ATH) of $0.73. Analyst Crow also supports a bullish view, indicating that market participants should not overlook DOGE's potential to surpass its ATH on the upcoming rally.
As of now, Dogecoin is trading at $0.43, down over 4% in the last 24 hours, according to CoinMarketCap data.
