This week, Dogecoin remained in a consolidation phase following a recent parabolic rally. Its price stabilized at $0.3850, slightly below its year-to-date high.
Current Market Status
Dogecoin is traded at $0.3850, slightly below its year-to-date high of $0.4387. This consolidation mirrors Bitcoin's movement, which fluctuates between $90,000 and $94,000. Dogecoin maintains strong demand, evidenced by its trading volume exceeding $14 billion daily, surpassing combined volumes of Shiba Inu, Pepe, and Bonk.
Impact of Political Changes
The potential for Dogecoin's rebound in the coming weeks is supported by political shifts in the US. This week, President Trump nominated crypto-enthusiast Howard Lutnick as Commerce Secretary. His firm already serves as a custodian for Tether. Additionally, Trump appointed Elon Musk and Vivek Ramaswamy to lead the new Department of Government Efficiency, with rumors circulating about Trump Media possibly acquiring the crypto company Bakkt.
Expert Analysis and Forecasts
Renowned crypto analyst Ali Charts predicts substantial upside potential for Dogecoin, suggesting the price might surge by 120% to reach $0.82. On the daily chart, Dogecoin remains above a key resistance level at $0.2286 and has formed a bullish pennant pattern. DOGE also trades above the 50-day and 200-day moving averages, which recently formed a 'golden cross'.
Dogecoin holds significant potential for further growth, particularly if it can break above the $0.4387 level. However, a drop below the $0.3412 support may imply a temporary slowdown.
