Dogecoin (DOGE) Price Prediction: DOGE Primed for 120% Surge as Trump Appoints Crypto-Friendly Officials

Dogecoin price remained in a consolidation phase this week as the recent parabolic rally paused. DOGE was trading at $0.3850 on Wednesday, Nov. 20

Dogecoin (DOGE) price remained in a consolidation phase this week as the recent parabolic rally paused. However, there is potential for Dogecoin to rebound in the coming weeks as investors monitor developments in the Trump administration.

Here’s what happened to Dogecoin this week.

Consolidation mirrors Bitcoin

Dogecoin (DOGE) was trading at $0.3850 on Wednesday, Nov. 20, slightly below its year-to-date high of $0.4387.

This consolidation mirrors that of Bitcoin (BTC), which has been fluctuating between $90,000 and $94,000.

After rallying by more than 200% in a week, DOGE price has consolidated within a narrow range over the past few days. However, the coin remained in a bullish trend as it found support at the $0.34 level.

On the upside, immediate resistance is seen at the $0.4387 level, followed by the psychological level of $0.50.

If Dogecoin manages to break above these resistance levels, it could continue its rally towards the $0.82 level, as predicted by crypto analyst Ali Charts.

Dogecoin price is also seeing strong demand, as evidenced by its daily trading volume, which rose to over $14 billion. This figure exceeds the combined volume of Shiba Inu, Pepe, and Bonk. Similarly, futures open interest has surged to $3.8 billion.

Dogecoin price surges 120%

Crypto analyst Ali Charts expects Dogecoin price to surge by 120%, reaching $0.82.

On the daily chart, Dogecoin remains above a key resistance level at $0.2286, which marked the upper side of the cup and handle pattern.

DOGE is trading well above the 50-day and 200-day moving averages, which formed a golden cross a few weeks ago. Additionally, it has developed a bullish pennant pattern, characterized by a vertical rise followed by a triangle formation. In technical analysis, this pattern often signals further gains.

Dogecoin is likely to see more upward momentum if it breaks above the upper side of the pennant at $0.4387. However, this bullish outlook would be invalidated if the price drops below the support level at $0.3412, its lowest point on Nov. 17.