Dogecoin price rare pattern and Elliot Wave points to a 110% surge

Dogecoin Consolidates Amidst New Meme Coin Popularity

Dogecoin (DOGE), the leading meme currency, has been consolidating this week as traders shift their attention towards newer meme coins such as Official Trump and Fartcoin. DOGE is currently trading at $0.36, roughly 25% below its all-time high reached in 2024.

Market Dynamics

According to CoinGecko, DOGE has recorded a 24-hour trading volume exceeding $3.7 billion, while Official Trump (TRUMP) has seen $11 billion in volume.

Potential Catalysts

Despite the current consolidation, several factors suggest potential growth for Dogecoin:

• Whale Accumulation: Data from Santiment indicates that whales have accumulated approximately 590 million DOGE tokens in the past 24 hours.
• ETF Approval Prospects: Rex Osprey, a firm managing over $8 billion in assets, has filed for a spot Dogecoin exchange-traded fund (ETF).
• Crypto Market Uptrend: Technical indicators suggest a potential bull run for Bitcoin, which could lead to gains for altcoins like DOGE.

Technical Analysis

Dogecoin's weekly chart reveals a consolidation phase and the formation of a bullish pennant pattern. The convergence of the pattern suggests a possible bullish breakout.

The accumulation and distribution indicator highlights positive investor sentiment, further supporting the potential for price appreciation. Bulls are targeting the all-time high of $0.7491, representing a potential 110% increase from current levels.

Note: Weekly chart signals can take time to materialize.