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Dogecoin has recently entered a phase of consolidation, with its price hovering around $0.3850 as of November 20, slightly below its year-to-date high of $0.4387. This stagnation mirrors Bitcoin’s behavior, which has been fluctuating between $90,000 and $94,000.
However, analysts are predicting a potential rebound for Dogecoin in the coming weeks, driven by both market dynamics and political developments in the U.S. Notably, the recent nomination of Howard Lutnick, the head of Cantor Fitzgerald, as Commerce Secretary has sparked optimism. Lutnick has shown support for cryptocurrencies in the past, and his firm also serves as a custodian for Tether.
Additionally, the appointments of Elon Musk and Vivek Ramaswamy to lead the new Department of Government Efficiency have further fueled speculation. There are also rumors that Trump Media may be acquiring Bakkt, a cryptocurrency company. With crypto-friendly policies, rising demand, and a FOMO (Fear of Missing Out) sentiment, Dogecoin could see a significant rise in the near term.
Dogecoin’s daily trading volume has surged to over $14 billion, surpassing the combined volume of major meme coins like Shiba Inu, Pepe, and Bonk. Similarly, futures open interest has increased to $3.8 billion, indicating growing investor interest.
Analyst Predicts 120% Surge for Dogecoin
According to Ali Charts, a renowned crypto analyst, Dogecoin has significant upside potential. The analyst forecasts a potential price increase of 120%, with a target of $0.82. On the daily chart, Dogecoin is trading well above key support levels, including a major resistance at $0.2286, which marks the upper part of the cup and handle pattern.
Additionally, Dogecoin is above its 50-day and 200-day moving averages, which recently formed a golden cross, a bullish signal. The cryptocurrency has also developed a bullish pennant pattern, signaling potential further gains if the price breaks above the upper resistance level of $0.4387.
However, the analyst warns that this bullish outlook could be invalidated if Dogecoin drops below the support level at $0.3412, its lowest point on November 17. Should it hold above this level and continue its upward momentum, a surge to $0.82 could be on the horizon.
