DOGE’s price has been consolidating within a narrow trading range, around $0.20. This is a crucial psychological level that the asset surpassed two weeks ago. The last time DOGE was priced above this level was in November 2021.
In terms of metrics, DOGE is throwing mixed numbers. The price on the monthly scale is up 20%, but market capitalization is down to $29 billion as 24-hour trading volumes across exchanges are also in the red, falling to 9% at $2.2 billion.
Despite the consolidation, analysts believe DOGE’s next bull run will start sooner rather than later.
Renowned crypto trader Rekt Capital suggests the primary memecoin is going through a retesting phase at the $0.20 level on the monthly timeframe.
The analyst pointed out a downside wick displayed on the monthly chart, which means a retest of a bull flag pattern on the weekly timeframe.
Previously, the analyst had warned about volatility around the $0.20 mark. A successful break above such a crucial level would mean further upside potential, more specifically upwards of $0.30. Other market observers like Mikybull Crypto share equally bullish views.
Rekt Capital is not the only analyst forecasting bullish action for the DOGE. As the father of all memecoins consolidates, traders are predicting prices of over $1, as the coin mirrors previous cycles.
As CryptoPotato reported, some analysts believe that DOGE could be on the verge of a new rally towards new peaks, targeting prices above $2, $9, and even $40.