Dogecoin price has been stuck in a range between $0.17 and $0.20 recently, but analysts say there’s potential for a measured move to at least $0.74.

Dogecoin price is currently trading near the lower boundary of a long-term ascending channel, which has contained the cryptocurrency’s price movements for several years, according to analyst Ali Martinez.

If #Dogecoin $DOGE can monthly close above $0.20, which is the 0.786 Fibonacci retracement level, then it could signal a move toward retesting its all-time high of around $0.74.

The price recently pulled back from the $0.24 level to around $0.17, where it appears to be consolidating. $DOGE is up over 9% in the past week despite this recent pullback.

Dogecoin Has Historically Followed a Pattern of Long Consolidation Periods

Dogecoin has historically followed a pattern of undergoing long periods of consolidation within descending wedge formations and falling channels before experiencing explosive price movements.

This pattern was particularly evident during the 2021-2022 bull run, and some analysts believe that DOGE may be repeating this cycle in the current market environment.

Cryptocurrency analyst Kevin says that Dogecoin has now broken out of a multi-year downtrend and is successfully retesting key technical channels, potentially setting it up for renewed upward momentum.

#Dogecoin has already performed exceptionally well in this cycle given the macro economic circumstances that being high rates, decreasing money supply, high inflation, and QT. What's #DOGE going to do with a increasing money supply which is what you see on this chart, decreasing ...pic.twitter.com/utWZQPFn9D

— Kevin (@Kev_Capital_TA) April 26, 2025

His analysis uses Fibonacci retracement and extension zones, with the 1.618 extension targeting a much higher price of $3.6.

The analysis suggests that DOGE’s tendency to outperform during favorable market conditions could repeat, especially with shifting market dynamics that appear increasingly supportive.

Another analyst, Emma, has set short-term price targets of $0.19 and $0.20 for Dogecoin. She adds that the cryptocurrency is approaching a key resistance area around $0.19.

$DOGE is building pressure after sliding from $0.24290 and finding a key low at $0.17878.00.

Currently consolidating around $0.1802 , setting up for a potential breakout.Go for a long entry:•Entry Zone: $0.1700 – $0.1800•Target 1: $0.1900•Target 2: $0.2000•Stop-Loss: Below ...pic.twitter.com/NEg3me5cOm

— Emma (@emmacalls7) April 27, 2025

According to the analyst, if DOGE can break and sustain above this resistance with significant trading volume, its rally could accelerate quickly in the short term.

Macroeconomic Factors Could Support A Breakout

Beyond the technical indicators, macroeconomic conditions also appear to be shifting in favor of risk assets like Dogecoin.

The Federal Reserve is largely expected to begin cutting interest rates as early as June or July, according to the Chicago Mercantile Exchange FedWatch Tool. Such monetary policy changes could create additional liquidity for financial markets.

Analysts note that the money supply is beginning to increase again, reversing the effects of the extended Quantitative Tightening (QT) period, which has limited market liquidity. Additionally, alternative inflation metrics like Truflation suggest that inflationary pressures may be decreasing.

A potential end to the Fed’s QT program could open an avenue for increased capital to flow into riskier assets, including cryptocurrencies like Dogecoin.

The confluence of strong technical breakout patterns and improving macroeconomic indicators might set the stage for DOGE to experience substantial price growth if these projections come to fruition.

At the time of writing, Dogecoin trades around $0.17, continuing its pattern of sideways movement while traders await signs of the next directional move.