Dogecoin price increased by 4.9% in the last 24 hours to trade at $0.372 on November 18. The meme coin seems to have hit a blockade as it has begun consolidating around this price level. This could be due to investors booking profits and rotating them into other lower market-cap cryptocurrencies. Can DOGE price surge 200% in the face of this blockade?
Dogecoin Price Stalls After Recent Rally
DOGE price rose to an intraday high of $0.3742 before dropping to $0.3501. At press time, the cost of DOGE has increased by about 5%. Just 5 days ago, DOGE surged over 10% after President-elect Donald Trump announced that Elon Musk would lead the newly proposed Department of Government Efficiency (D.O.G.E).
As the hype surrounding this development wanes, the price of DOGE has stabilized over 259% higher than last month.
The current price also marks a zone of historical resistance where the price was previously unable to surpass twice. Generally, investors and traders tend to use historical resistance zones as profit-taking targets.
Can DOGE Achieve a 200% Surge by Year-End?
Dogecoin price forecast suggests the meme coin rally is not over yet. Recent candlesticks inside the triangle reflect indecision, typical before a breakout. The low-volume candles indicate reduced selling pressure, favoring a bullish breakout.
The chart shows high trading volume during the initial uptrend, validating the strength of the upward movement.
Volume decline in the triangle supports a potential breakout, as triangles often precede impulsive moves.
The relative strength index (RSI) confirms an overbought region, which means the likelihood of a bullish continuation is higher.
Dogecoin Price Analysis Chart
The impulsive move from $0.14 to $0.44 suggests a completed Wave 1. The current triangle likely represents a Wave 2 correction or consolidation phase. If confirmed, Wave 3 may push significantly higher, potentially 200% to $1.35
Key Resistance Levels to Watch for DOGE Price
The DOGE price chart exhibits a strong upward trend, followed by a consolidation phase forming a symmetrical triangle. This suggests a potential continuation of the bullish trend upon breakout.
Upon breakout, DOGE price could find further resistance levels around $0.44 (Recent high at 0%), $0.51, which coincides with the 27.0% Fibonacci extension, and $0.91 (161.8% Fibonacci extension).
On the flip side, $0.32 at the 38.2% Fibonacci retracement level may provide strong immediate support, while below that, DOGE could find support at $0.14, which is a key long-term support)
What’s Driving Dogecoin Price Momentum?
The current development of the Department of Government Efficiency (D.O.G.E) and the ongoing changes happening across the U.S. government that favor cryptocurrencies have been fueling the Dogecoin price momentum.
DOGE price is likely to surge even higher as the days draw near President-elect Donald Trump’s inauguration.
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