Dogecoin price continued to consolidate this week as crypto traders turn to newer meme coins like Official Trump and Fartcoin.
Dogecoin (DOGE), the sector’s largest coin, was trading at $0.36, about 25% below its 2024 high point.
According to CoinGeckoDOGE saw 24-hour volume of over $3.7 billion, compared to Trump’s official volume (ASSET) $11 billion.
Still, Dogecoin has several catalysts on the horizon. First, whales appear to be hoarding the token. Data from Feeling shows that whales have accumulated 590 million DOGE tokens in the last 24 hours. This is on top of the millions of coins purchased this year, suggesting they are anticipating a price rebound.
Second, the likelihood of spot approval of the DOGE ETF by the Securities and Exchange Commission has increased. This week, Rex Osprey, a company managing over $8 billion in assets, filed for Spot Dogecoin funds.
Third, Dogecoin price will likely benefit from the potential crypto bull run as technical data indicates more Bitcoin Price Gains. Additionally, Bitcoin ETFs are seeing strong inflows as supply on exchanges dwindles. Bitcoin’s gains will likely trigger more gains among altcoins, including DOGE.
Dogecoin price formed an uptrend
The weekly chart indicates that DOGE is in a consolidation phase over the past few weeks. It has now entered the fourth phase of the Elliott wave pattern, which usually precedes the fifth bullish wave.
Dogecoin also formed a bullish pennant chart pattern, characterized by a vertical line followed by a symmetrical triangle. The pattern is now approaching its confluence level, and a bullish breakout often follows a pennant pattern.
Additionally, the accumulation and distribution indicator has increased, signaling that investors are actively buying. As a result, DOGE price is likely to rise, with bulls targeting the all-time high of $0.7491. A move to this level would represent a 110% increase from the current price.
The caveat is that the signals provided by a weekly chart take time to manifest. For example, the flag section has been forming for almost three months.