The biggest memecoin, Dogecoin (DOGE) joined the party with Bitcoin in the latest rally, in which the meme coin soared to a $0.42 resistance level a few hours back. However, the memecoin was immediately thrown below the $0.37.
Massive Breakout in Dogecoin is Expected After Consolidation Pattern
DOGE has formed a consolidation pattern after surging over 168.34% in a month, skyrocketing its price from $0.14 to $0.39. This was the third time when DOGE faced resistance at $0.42, making it a crucial psychological barrier before its launch toward an all-time high at $0.73. At the time of publication, Dogecoin revolves around $0.38, with a 1.5% jump in the last 24 hours.
Usually, once the asset breaks the consolidation pattern, a massive breakout in its price is most likely to occur.
Donald Trump’s remarkable victory in the recent U.S. election, where he made appealing promises for the sake of a bright future for the crypto community. He also pledged to create the first Bitcoin reserve in the federal treasury.
Additionally, he appointed Dogecoin lover Elon Musk to head the newly formed Department of Government Efficiency (DOGE). This announcement has boosted market confidence and investment in DOGE, ultimately leading to a surge in its price.
Several key technical indicators reflect that there is still room for a rally in the Dogecoin market. For instance, whales have started accumulating DOGE through massive purchases that signal a bull run.
Also Read: DOGE Could Surge To $0.82 If It Breaks Bull Flag Pattern
Source: https://www.cryptonewsz.com/dogecoin-faces-resistance-0-43-new-ath-loading/