The Dogecoin price is currently in a consolidation phase. Over the past week, its price has fluctuated between $0.3987 and $0.4582, with a peak increase of 7.19%.
At press time, the price of DOGE is changing hands for $0.4357, having lost 4.59% of its price over the last 24 hours. The trading volume has also dropped 9.77% in the same period.
Recall that the Dogecoin price has rallied massively recently, surging by over 150% since one month ago. This time last month, DOGE was trading around $0.206, but it has more than doubled to $0.43 as of now.
DOGE/USD monthly performance | TradingView
Why Dogecoin price could hit $0.6350 soon
The price of Dogecoin has slowed down and is currently holding steady. Yet, Carl (The Moon), a popular cryptocurrency investor with over 1.4 million followers on X, believes that if DOGE breaks out of this consolidation phase, it could rise to $0.6350, which would be a 45% increase from where it is now.
He shared a technical pattern called a symmetrical triangle. This pattern happens when the price moves within two lines that meet at a point: one line goes down from the highs (resistance), and the other goes up from the lows (support).
$DOGE is still consolidating within the pattern. If we get a nice breakout, the target is up at $0,6350🎯 pic.twitter.com/nknZTVn7U7
— The Moon Show (@TheMoonCarl) December 5, 2024
These lines come together at a point, showing less price movement as it gets closer to breaking out.
Meanwhile, Carl isn’t the only one predicting a rise in Dogecoin’s price. Another analyst known as “CW” on X also posted a Dogecoin chart, saying the next target price could be $0.685.
$DOGE next target price is $0.685 pic.twitter.com/eQVokIxaNa
— CW (@CW8900) December 5, 2024
Some experts also think Dogecoin could reach new all-time highs in this market cycle. Some are looking at Dogecoin reaching $1 or even slightly higher in 2025, which would beat its 2021 high of $0.7376.
However, for the Dogecoin price to move out of its current steady phase or reach a new high, it will need strong reasons to do so. One catalyst that could help Dogecoin in 2025 is the new Department of Government Efficiency (DOGE) department under Donald Trump, led by Elon Musk and Vivek Ramaswamy.
Read more: Dogecoin Price Prediction: Can DOGE Really Jump to $1 in 2024?
