The price of Dogecoin (DOGE) has entered a consolidation phase near its year-to-date high of $0.4795. The coin has experienced a significant jump of 450% from its lowest point this year, bringing its market cap to over $65 billion. Analysts are optimistic that this consolidation is a precursor to a potential bullish breakout, with some predicting that DOGE may reach $1. A likely catalyst for this surge is the ongoing rally of Bitcoin (BTC), which could attract institutional investors and companies to buy DOGE. Additionally, the sense of greed in the crypto industry and the rising altcoin season index may spur more demand for Dogecoin. However, there is a small rising wedge chart pattern forming, which poses a risk of a downside correction and a retest of support levels. To confirm further gains, DOGE needs to surpass its year-to-date high, and if it does, it could potentially reach an all-time high of $0.7363 by the end of the year and eventually target the $1 level. Conversely, a drop below the key support at $0.35 could invalidate the bullish scenario and put DOGE at risk of falling to $0.2265.



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