According to CryptoPotato, Dogecoin (DOGE) has been consolidating around the $0.20 mark, a significant psychological level that the asset surpassed two weeks ago. The last time DOGE was priced above this level was in November 2021. Despite the consolidation, analysts predict that DOGE's next bull run will start sooner rather than later.
The price of DOGE on the monthly scale has increased by 20%, but its market capitalization has dropped to $29 billion. The 24-hour trading volumes across exchanges have also decreased, falling by 9% to $2.2 billion. Renowned crypto trader Rekt Capital suggests that the primary memecoin is going through a retesting phase at the $0.20 level on the monthly timeframe.
Rekt Capital pointed out a downside wick displayed on the monthly chart, which indicates a retest of a bull flag pattern on the weekly timeframe. The analyst had previously warned about volatility around the $0.20 mark. A successful break above such a crucial level would mean further upside potential, specifically upwards of $0.30. Other market observers like Mikybull Crypto share equally bullish views.
Rekt Capital is not the only analyst forecasting bullish action for DOGE. As the father of all memecoins consolidates, traders are predicting prices of over $1, as the coin mirrors previous cycles. Some analysts believe that DOGE could be on the verge of a new rally towards new peaks, targeting prices above $2, $9, and even $40.