A cryptocurrency analyst has confirmed that the price of Dogecoin has entered a consolidation zone after witnessing a recent market bounce above the $0.3 level. The analyst predicts that Dogecoin is now eyeing a new target price of $3.4, aiming to reach a level New all-time high in 2025.
Dogecoin price stabilizes in the consolidation zone
According to X (formerly Twitter) cryptocurrency analyst Master Kenobi, Dogecoin has officially launched I entered Horizontal consolidation zone. Historically, Dogecoin has followed a fairly predictable pattern of stagnant growth, Price correctionsAnd stages of consolidation and sharp rises. The analyst revealed that these periods of consolidation often lasted a few weeks on average, serving as a starting point for… The next big rise in Dogecoin prices.
In this latest session, Master Kenobi revealed that Dogecoin has stabilized within the consolidated equilibrium zone after two weeks of correction, indicating that it may be preparing for the next price push. Based on the analyst’s report The price of Dogecoin is standardized Around the $0.31 level.
The analyst noted that external factors outside the cryptocurrency market could play an important role, perhaps becoming a catalyst or narrative for the next Dogecoin hack. As a meme currency, Dogecoin price momentum It is often influenced by changes in market trends, broader sentiment, increases in community engagement, and social media.
Master Kenobi also provided a specific outline Bitcoin halving eventshighlighting that it has historically spurred a boom in the broader cryptocurrency market. Based on this observation, the Bitcoin halving, which began in April 2024, could provide a stronger narrative and incentive for Dogecoin to reach higher price targets after the consolidation phase.
While Mr. Kenobi highlighted the importance of Dogecoin’s historical patterns in current price action, he also highlighted that Predict the future movements of the meme coin Based on his chart analysis. The cryptocurrency analyst has divided the Dogecoin chart into several colored trend lines, forming an ascending price channel.
The blue line at the base of the trend channel indicates the current Dogecoin price level above $0.3. The green line appears, which acts as a strong resistance area Dogecoin’s 2021 all-time high At around $0.74 and its desired milestone is above $1. Additionally, the yellow and red trend lines act as a much higher resistance level and target price for Dogecoin.
Bullish breakout to $3.4
Master Kenobi Dogecoin chart It has identified three critical price targets for the meme coin in 2025. The ATH at $0.74 acts as a crucial resistance area, which, if Dogecoin manages to clear, could signal a renewed uptrend to the next ATH.
If Dogecoin crosses $0.74, its next upside target will be set at $1.2, in line with the yellow trend line in the chart. At this price the analyst revealed this Dogecoin market capitalization He’ll rival that XRPwhich strengthened the meme’s position among the best cryptocurrencies.
Master Kenobi also predicted that Dogecoin will reach the orange trend line by the end of January, marking a record high. Ambitious price target From $3.4. The analyst revealed that if Dogecoin rises to ATH, its market capitalization will exceed that of Ethereum, which stands at $411.2 billion. He also admitted that reaching $3.4 is unlikely for Dogecoin at this point in the year Bull market; However, this could be achieved much later in 2025.
Featured image created with Dall.E, chart from Tradingview.com