Dogecoin Price Forms Ascending Channel From The Bottom, Why A Surge Into 2025 Could Send Price Above $1

Dogecoin’s 24-hour price action was highlighted with a range between $0.3049 and $0.3229. Both bulls and bears work To storm either side. As the cryptocurrency continues to struggle with price corrections on the short-term time frame, technical analysis for a broader time frame shows a bullish structure that will lead to a parabolic rally in the coming weeks and months.

According to the technical analysis of the monthly candlestick chart conducted by Trader Tardigrade cryptocurrency analyst, Dogecoin On track for an upward breakout From here. He highlighted the formation of an upward channel from the bottom, which is expected to play a decisive role in Dogecoin’s trend in 2025.

The ascending channel indicates an imminent breakout of the Dogecoin price

Dogecoin’s price action in the past two weeks has been highlighted by a correction since it reached a multi-year high of $0.475 on December 8. In particular, Dogecoin corrected as much as 43% from that point, even reaching a low of $0.267 in December. 20.

However, zooming out of the Dogecoin price chart on the monthly time frame shows that the leading cryptocurrency is currently showing a bullish price pattern. Tardigrade Trader Analysis It confirms the current bullish channel Dogecoin technical pattern, which often indicates a bullish breakout when approaching the upper border of the channel. Although December was marked by a rejection after a higher rally on this channel, the current market dynamics Indicates an imminent breakout.

Interestingly, Trader Tardigrade highlighted a similar formation in late 2020 before the parabolic rally that followed in 2021. With this in mind, Dogecoin could repeat the same move and break out of the bullish channel in early 2025 with a huge bullish monthly candle. .

2025 Forecast: Will DOGE Finally Break $1?

One of the most interesting aspects of the Trader Tardigrade analysis is the timeline associated with the expected role that Elon Musk will play as the main character. Official President of DOGE (Ministry of Government Efficiency) in January 2025. Musk, a vocal supporter of Dogecoin, has long influenced the memecoin’s price movements through social media and public endorsement. Trader Tardigrade hinted that Musk’s tie to DOGE in 2025 could serve as a precursor to another massive bullish candle in January.

Dogecoin, despite its meteoric rise during the 2021 bull market, has done well The desired $1 target has not yet been achieved. The closest it came was in May 2021, when its price peaked at $0.7316. However, for now, the general consensus among bulls is for Dogecoin to break above $1 in the coming months.

According to Trader Tardigrade’s predictions, the ensuing massive bullish candle could see the price of Dogecoin reach $2.1 in January 2025. From here, continued momentum will see the rise of Dogecoin Break above $10 later In 2025.

At the time of writing, Dogecoin is trading at $0.311.

Featured image created with Dall.E, chart from Tradingview.com