Dogecoin is nearing a breakout from a 23-day consolidation period, with analysts predicting potential new local highs. The meme coin has maintained a steady range, but market momentum indicates a likely surge.
Bitcoin's recent ascent above $100,000 has revitalized market sentiment, potentially benefiting altcoins like Dogecoin. As BTC leads the market, DOGE's next move will be crucial in determining whether it continues its upward trend or remains stagnant.
Since November 12, Dogecoin has struggled to regain momentum, leaving investors uncertain about its ability to return to previous highs. However, Bitcoin's historic performance offers hope for a significant move in DOGE's price.
Notably, Dogecoin has previously shown strong performance during bullish markets, with a recent rally of 225% capturing investor interest. The Crow, a prominent analyst, has urged traders to remain optimistic about DOGE's potential breakout.
Currently, Dogecoin faces a critical resistance at the $0.455 level. A successful breakout above this point could lead to testing the $0.48 local high, setting the stage for further gains. Conversely, failure to surpass these levels may prolong consolidation or trigger a price correction.
The upcoming days are pivotal for Dogecoin as it seeks to leverage the broader market's bullish sentiment. Overcoming key resistance will be essential for DOGE to maintain its upward trajectory.