Dogecoin (DOGE) Price Stabilized in the Past Two Weeks, Coinciding with the Ongoing Consolidation in the Crypto Industry

The weekly chart shows that the DOGE price peaked at $0.4825 in November, as most cryptocurrency prices soared after Donald Trump's election victory. This win elevated Elon Musk to head the Department of Government Efficiency (DOGE), which is tasked with cutting government spending.

The past two weeks have seen a stabilization in the Dogecoin price, which can be attributed to the ongoing consolidation in the crypto industry. After hitting a low of $0.1420 earlier this month, the coin has rebounded by 35% to reach a high of $0.1895, its highest level since March 9. So, can the token jump by 500% and hit $1 by April 30th?

Dogecoin Price Technical Analysis

The weekly chart reveals that the DOGE price topped out at $0.4825 in November, a period characterized by a surge in most cryptocurrency prices following Donald Trump’s election victory. This win also elevated Elon Musk to head the Department of Government Efficiency (DOGE), which is tasked with cutting government spending.

Elon Musk is a well-known supporter of Dogecoin, and Tesla accepts the coin for some of its accessories.

Like other coins, it experienced a sharp decline and retested the crucial support at $0.15, which coincides with the 100-week moving average. From there, it has formed a small doji candlestick and displayed two consecutive weeks of gains.

More importantly, Shiba Inu has formed a rising broadening wedge, commonly known as a megaphone, which is a typical bullish pattern.

As a result, the Dogecoin price is expected to have a strong bullish breakout and potentially retest the upper side of the megaphone at $0.27, which is approximately 42% above the current level. A move above that level will indicate further gains, aiming for last year’s high of $0.4822.

The alternative scenario involves the coin dropping below the 100-week moving average and reaching the lower side of the channel at $0.09.

Will DOGE Price Hit $1 by April 30?

For Dogecoin's price to hit $1, it needs to rise by nearly 500%, which is a significant move but not impossible, especially in the cryptocurrency market, where parabolic runs are common. For instance, Ripple and Stellar prices surged by over 500% in November after Trump's win.

Mantra price has soared by over 2,000% since 2024, while other meme coins more than doubled during the recent meme season.

However, it's highly improbable that a mature coin like DOGE will surge and hit $1 by April 30. The giant megaphone pattern has formed on the weekly chart, and historically, signals on the weekly chart take a lot of time to complete.

DOGE would require two major catalysts to reach $1. Firstly, the Bitcoin price must be in a strong bull run for it to happen. Such a move would push other cryptocurrencies much higher in the long term.

Secondly, catalysts such as the approval of a DOGE ETF and inclusion in the US Strategic Crypto Reserve are needed. Polymarket data shows that the odds of a spot DOGE ETF have risen to 72%, while the creation of a US Strategic Dogecoin Reserve is at 12%.

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