Key takeaways
- Dogecoin’s 21 days of consolidation hint at an imminent breakout.
- Historical trends suggest a pump could occur within 3-4 days.
- Profit-taking zones between $10 and $30 are aligned with past performance.
Dogecoin (DOGE), the popular meme-based cryptocurrency, is once again making headlines as it inches closer to what many believe to be a crucial price breakout. After 21 days of consolidation along a key green trendline, market observers are drawing comparisons to the previous cycle, where a breakout occurred after 25 days of similar accumulation.
This consolidation phase has generated a lot of anticipation among traders. The historical trend has indicated that consolidation under strong buying pressure leads to higher highs and higher lows, paving the way for bullish momentum. With just days to go until a breakthrough decision, the market’s focus has shifted to Dogecoin’s next price level.
The cryptocurrency has already seen an incredible rebound, gaining over 167% in November. This recent resurgence has once again caught the attention of investors, with some speculating that a breakout could push Dogecoin to its next key resistance zone.
Profit zones between $10 and $30
Experienced traders target profit zones between $10 and $30 based on projections from the historical pattern. During the previous cycle, DOGE price was able to double its former ATH after a similar consolidation phase – a metric that has become of paramount importance to those charting potential gains in the current cycle.
According to a market analysisThe $10-$30 range aligns with Dogecoin’s trend of setting new highs after an extended consolidation. By leveraging historical data, traders aim to maximize profits while managing risks.
However, achieving these profit targets will depend on a number of factors, including the state of the broader market and continued buying pressure. Although recent performance has shown strong momentum, for DOGE to achieve these ambitious goals, its future movement will require strong support from retail and institutional participants.
Countdown to Dogecoin’s next move
Dogecoin is currently within the expected breakout window and hence its price trajectory is being watched very closely. According to market experts, the big pump could happen in the next 3-4 days, due to the historical nature of the trendline and how things work in context.
The green trendline has proven to be a very important support level, and a close above it could signal the start of a new rally. Speculation is rife as many try to guess where DOGE price will ultimately stand on December 15, ranging from conservative estimates to bold targets at the yellow and orange resistance levels.
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