Will Dogecoin Price Pump to $1? As Bitcoin Holds Above $120K

Consolidation Builds Momentum for Next DOGE Rally

The crypto market is gaining momentum, and Dogecoin (DOGE) is positioned for a price shift. The meme coin has been calmly consolidating in a defined structure for weeks, hinting at a breakout. Bitcoin is showing stability above $120K, but the market remains dominated by capital flow between the two currencies, which preconditions the next possible DOGE pump.

According to analyst Trader Tardigrade, the pair has been in an ascending channel on the 3-day chart. This organization demonstrates a similar trend in which the altcoin rallies occur after the consolidation of Bitcoin. Each "BTC pump" is often succeeded by a similar alternative for the meme coin, suggesting a rotation of liquidity over isolated movement. The bottom of the channel has served as a good support, supporting the bullish inclination.

DOGEBTC CHART | SOURCE: X

Recently, the token has been consolidating following a mild Bitcoin-driven rally. Historically, such pauses are followed by another rally. In the event of a continuation, DOGE could approach the higher target near 0.000025-0.000026 BTC. However, the arrangement relies on the stability of Bitcoin, since volatility defines the intensity of Dogecoin's waves.

The weekly structure on the higher timeframes shows a rounded accumulation base that has been developing since mid-2022, indicating the early phases of a parabolic surge. A breakout above the $0.30-$0.35 zone could lead to the $1 level while turning the accumulation into acceleration. This setup is in line with the meme coin's rebound and solidifies the long-term bullish projection.

DOGEUSD 1W CHART | SOURCE: X

Consolidation Signals a DOGE Surge

On the 4-hour chart, the pair is in a tight range between 0.00000199 and 0.00000216 BTC. The narrowing Bollinger Bands confirm that volatility is reduced, which could lead to a sharp breakout. The pair is neither overbought nor oversold as the RSI is close to 43. Such a balance indicates that traders are biding their time before investing.

DOGEBTC CHART | SOURCE: TradingView

Moreover, a breakout above the resistance will push the crypto to 0.00000225-0.00000230 BTC, while failure of support could bring the price to 0.00000190 BTC. Nevertheless, history demonstrates that if DOGE's volatility calms, the subsequent breakout will be strong, particularly if backed by the stability of Bitcoin.

In the short term, the future of the meme coin will be determined by the capacity of Bitcoin to sustain its position. If it goes on consolidating above the $120K mark, capital rotation could be biased towards DOGE, which will trigger a rally. At the moment, the setup is accumulating, as traders anticipate another wave of the meme coin. DOGE, at the time of writing, is trading at around 0.00000204 BTC.