Dogecoin (DOGE) has been stuck in a range for nearly a month, struggling to break above the $0.44 resistance level. Despite multiple attempts, the price has yet to reclaim the $0.48 local high set in November. This prolonged consolidation has kept traders and investors on edge as they await a decisive breakout to signal the next major move for the popular meme coin.
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Top investor Carl Runefelt recently shared his technical analysis on X, highlighting that DOGE is still trading within a bullish pattern. He says this consolidation phase is part of a broader setup that could lead to significant gains. Runefelt remains optimistic, stating that once Dogecoin breaks out of its current range, it could initiate a rally to new highs.
Dogecoin’s price action is closely tied to broader market dynamics, especially Bitcoin’s performance, which recently surged above $100,000. As altcoins often follow Bitcoin’s lead, many speculate that DOGE could be on the verge of a major breakout.
However, until DOGE surpasses key resistance levels, the market remains cautious. The coming days will be crucial in determining whether Dogecoin can break free from its range and resume its upward trajectory.
Dogecoin Still In Consolidation
Since November 12, Dogecoin has remained in a consolidation range, leaving traders uncertain about its next major move. Despite an impressive rally earlier this cycle, culminating in a local high of $0.48 on November 23, the meme coin has struggled to break above this level. Instead, it continues to trade sideways, testing the patience of investors and analysts alike.
Top analyst Carl Runefelt recently shared a technical analysis on X, highlighting the formation of a bullish pattern within Dogecoin’s price action. According to Runefelt, DOGE’s extended consolidation could be a precursor to an explosive breakout.
He notes that if DOGE breaks out of its current range, it could target as high as $0.6350. However, he also cautions that this scenario could take time to materialize, as Dogecoin has historically required significant patience from its investors during similar consolidation phases.
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While the current price action may appear indecisive, DOGE has proven in the past that its breakouts are often aggressive and substantial once…
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