The Dogecoin price has been consolidating this week, while traders turn their attention to newer meme coins. Dogecoin is currently trading at $0.36, 25% below its highest point in 2024. However, there are several catalysts that could drive its price up. Whale accumulation of Dogecoin has increased, with 590 million tokens purchased in the last 24 hours alone. Additionally, there is a possibility of a spot Dogecoin ETF being approved by the Securities and Exchange Commission, and Bitcoin price gains could benefit Dogecoin as well. The weekly chart indicates that Dogecoin is in a consolidation phase but is entering the fourth phase of the Elliott Wave pattern, which could lead to a bullish fifth wave. The formation of a bullish pennant pattern further supports the potential for a price increase, with a target of the all-time high of $0.7491, representing a 110% increase from the current price. However, it should be noted that signals from the weekly chart take time to play out.



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