Dogecoin (DOGE) price consolidation points at a major rally – What you need to know

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Dogecoin (DOGE) price consolidation points at a major rally – What you need to know

By Onose Enaholo - min read
Updated 26 January 2023

Dogecoin (DOGE) has done very well to pair up some of the losses it suffered this year. But even though we have seen this strong uptrend slow a bit over the last few days, DOGE appears to be consolidating around a crucial demand zone. Here are the details:

  • DOGE’s price action has been bouncing off between the $0.127 and $0.137 demand zone.

  • This consolidation could provide a potential upswing of nearly 35% in the near term.

  • But the meme coin will need to hold above $0.127 for this to happen.

Data Source: TradingVIEW 

Dogecoin (DOGE) – What to expect next

After consolidating between $0.127 and $0.137, it seems like DOGE is ready for an upward rally. The coin is already on a strong uptrend, and it is likely that it will try to test $0.2 in the near term. This will deliver gains of nearly 40%.

Also, the meme coin appears to be enjoying a very prolonged bull run. Although there has been a bit of volatility here and there, since the start of March, DOGE has gained around 50%. We expect this trend to maintain.

Nonetheless, the challenge for bulls right now will be to maintain the $0.127 support. So far, it seems this will be done quite easily unless something big happens in the market. We also believe that any upswing is capped at $0.2. When DOGE hits that price, it will pull back as bulls take profit.

Should you consider DOGE now?

Dogecoin (DOGE) is currently trading within an important demand zone. If you wanted to buy it, this would be the time. But a short-term strategy is less risky.

In fact, anyone buying will need to look at $0.2 as the last exit point. For investors who want to hold DOGE for longer, no need to worry. You can still buy now and forget for a while.