Dogecoin’s Price Action Hints At ‘$1 DOGE’ Milestone Amidst Consolidation

Despite facing challenges in recent weeks, Dogecoin (DOGE) demonstrated resilience, joining other cryptocurrencies on Monday in a modest surge led by Bitcoin.

Notably, although DOGE saw a modest decline of 2.67% over the past week, it found strong support within the $0.14-$0.15 range, suggesting bullish momentum may drive prices upward.

In a tweet on Monday, renowned crypto analyst Ali Martinez pointed out Dogecoin’s promising setup, expressing hopes for an impressive price surge after price broke out from a descending triangle.

“Dogecoin is showing its classic pattern once again! DOGE is currently consolidating after breaking out from a descending triangle. Based on past trends, we might just see DOGE rocket towards $1 in the coming weeks!” wrote Matinez.

In a YouTube broadcast, Dale from “Crypto Daily Trade Signals” echoed Martinez’s sentiment, highlighting key technical indicators. 

“We’re seeing that the Dogecoin is still above the 50-day moving average, and the Bollinger bands are squeezing,” Dale stated. “We’re going to see a nice pump, guys. The volumes are also a little light right now, but it’s still the weekend. Who’s in the money? 83% in the money, guys. This is important. Dogecoin has these huge descending triangles, then a consolidation, then a breakout.”

Notably, Dale’s analysis emphasized Dogecoin’s historical patterns, suggesting that the current consolidation phase, as highlighted by Martinez, could precede a significant price surge, potentially propelling DOGE to the $1 mark. He further emphasized the repeatable and measurable nature of these patterns, urging investors to prepare for what he anticipates as “the biggest freaking pump in Dogecoin history.”

Adding to the discourse, analyst Olivier DX provided a longer-term bullish outlook for DOGE. In a tweet, DX shared a weekly chart illustrating a price constricted within an upward channel. DX anticipates a bounce off the lower support trendline, potentially leading to a surge in price up to $24.

That said, delving into on-chain data, insights from crypto analytics firm IntoTheBlock reveal that an impressive 83% of DOGE holders are currently in profit, with a notable preference for HODLing, indicated by dominance in exchange outflows over inflows.

Despite prevailing bearish sentiments in the broader crypto market toward DOGE, contrarian investors could seize an opportune stance, reminiscent of the February 2024 rebound, when DOGE defied pessimism with a significant surge.

At press time, DOGE was trading at $0.1608, reflecting a 0.54% drop over the past 24 hours.