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Dogecoin Still In Consolidation – Analyst Expects $0,63 If We Get A Breakout

Dogecoin Still In Consolidation – Analyst Expects $0,63 If We Get A Breakout

Dogecoin (DOGE) has been stuck in a range for nearly a month, struggling to break above the $0.44 resistance level. Despite multiple attempts, the price has yet to reclaim the $0.48 local high set in November. This prolonged consolidation has kept traders and investors on edge as they await a decisive breakout to signal the next major move for the popular meme coin.

Top investor Carl Runefelt recently shared his technical analysis on X, highlighting that DOGE is still trading within a bullish pattern. He says this consolidation phase is part of a broader setup that could lead to significant gains. Runefelt remains optimistic, stating that once Dogecoin breaks out of its current range, it could initiate a rally to new highs.

Dogecoin’s price action is closely tied to broader market dynamics, especially Bitcoin’s performance, which recently surged above $100,000. As altcoins often follow Bitcoin’s lead, many speculate that DOGE could be on the verge of a major breakout.

However, until DOGE surpasses key resistance levels, the market remains cautious. The coming days will be crucial in determining whether Dogecoin can break free from its range and resume its upward trajectory.

Dogecoin Still In Consolidation 

Since November 12, Dogecoin has remained in a consolidation range, leaving traders uncertain about its next major move. Despite an impressive rally earlier this cycle, culminating in a local high of $0.48 on November 23, the meme coin has struggled to break above this level. Instead, it continues to trade sideways, testing the patience of investors and analysts alike.

Top analyst Carl Runefelt recently shared a technical analysis on X, highlighting the formation of a bullish pattern within Dogecoin’s price action. According to Runefelt, DOGE’s extended consolidation could be a precursor to an explosive breakout.

Dogecoin still consolidating within the pattern

He notes that if DOGE breaks out of its current range, it could target as high as $0.6350. However, he also cautions that this scenario could take time to materialize, as Dogecoin has historically required significant patience from its investors during similar consolidation phases.

While the current price action may appear indecisive, DOGE has proven in the past that its breakouts are often aggressive and substantial once they occur. With Bitcoin leading the market above the $100K level, altcoins like DOGE are expected to follow suit eventually. All eyes remain on key resistance levels as traders await confirmation of Dogecoin’s next move.

DOGE Struggles To Break Key Levels 

Dogecoin trades at $0.423, reflecting weeks of peculiar and sluggish price action. Despite its impressive performance earlier in the month, with a 220% surge since November 5, DOGE now appears to be in a cooling-off phase. The price has repeatedly tested the $0.44 level but has failed to achieve a daily close above it, leaving traders and analysts watching closely for a potential breakout.

DOGE testing last supply level before new highs

A daily close above $0.44 would likely trigger a significant rally, as this level is a key resistance and psychological barrier for the market. However, such a breakout may require time, given Dogecoin’s massive run earlier in the month. Markets often consolidate after such explosive moves, allowing for profit-taking and the absorption of sell pressure before the next leg higher.

Despite the slow pace, DOGE’s long-term momentum remains promising. Investors are eyeing its potential to reclaim bullish energy and push toward higher levels. Until then, patience is key as Dogecoin builds the foundation for its next significant move. The $0.44 level remains critical, serving as a signal of renewed strength if DOGE can finally break through and establish it as support.

Featured image from Dall-E, chart from TradingView

Read the article at NewsBTC

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MainNewsFSOC warns s...

FSOC warns stablecoins pose stability risks, calls for legislative action to enhance oversight


Dec, 07, 2024
2 min read
by Assad Jafri
for CryptoSlate
FSOC warns stablecoins pose stability risks, calls for legislative action to enhance oversight

The Financial Stability Oversight Council (FSOC) raised concerns that stablecoins pose a mounting risk to financial stability due to inadequate oversight and significant market concentration, according to its 2024 annual report.

The report called for urgent legislative action to create a comprehensive federal framework for stablecoin issuers to mitigate risks tied to their rapid growth and limited transparency.

It also called for stricter oversight of the wider crypto market amid growing integration with the traditional financial system and sustained institutional adoption.

Recommendations for stablecoins

The FSOC emphasized that stablecoins, often marketed as reliable digital alternatives to traditional currencies, are acutely vulnerable to runs without stringent risk management standards.

It also argued that the opacity surrounding issuers’ reserves and operational practices further undermines market discipline and increases the potential for fraud. The report noted that one issuer accounts for approximately 70% of the market, amplifying the risk of systemic disruptions should the entity fail. However, it did not explicitly name the entity.

The council urged Congress to establish a comprehensive federal prudential framework for stablecoin issuers. Recommended measures include requiring robust reserve management, setting minimum capital and liquidity standards, and implementing regular reporting obligations.

The report stressed that such a framework would address risks related to payment system disruptions and enhance investor and consumer protections. FSOC members also highlighted stablecoins’ growing integration with traditional financial systems as a key concern.

The report warned that without appropriate risk management standards, any instability in the stablecoin market could cascade into broader financial markets. In the absence of legislative action, the council advised federal agencies to explore alternative regulatory measures under existing authorities.

Integration with TradFi

The FSOC also detailed the expanding footprint of crypto-assets in traditional markets and warned that the sector’s rising integration with traditional finance also required increased oversight.

While the total global market value of crypto-assets remains modest compared to traditional financial markets at just under $2 trillion, recent regulatory approvals of spot exchange-traded products (ETPs) have heightened investor accessibility. The market value of spot crypto-asset ETPs surged to nearly $80 billion in 2024 following the SEC’s approval of several listings earlier this year.

Despite their growth, the FSOC emphasized that the crypto-asset ecosystem remains a high-risk sector. The report identified significant gaps in regulatory oversight of the crypto spot market, citing a lack of explicit federal rulemaking authority to address fraud, market manipulation, and other risks.

To counter these challenges, the FSOC recommended granting federal financial regulators explicit powers to oversee crypto markets that fall outside securities regulation.

While acknowledging the transformative potential of digital assets, the FSOC emphasized the need for a balanced regulatory approach that supports innovation while safeguarding financial markets.

The post FSOC warns stablecoins pose stability risks, calls for legislative action to enhance oversight appeared first on CryptoSlate.

Read the article at CryptoSlate

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