Dogecoin’s 24-hour price action is highlighted by a range between $0.3049 and $0.3229 as both bulls and bears are active breaking in on both sides. As the cryptocurrency continues to struggle with price corrections in the short term, the broad-term technical analysis shows a bullish formation that could lead to a parabolic rise in the coming weeks and months.
According to the technical analysis of the monthly candlestick chart by crypto trader Tardigrade analyst, Dogecoin it is on a bullish exit from here. He highlighted the construction of an ascending channel from the ground up, which is ready to play an important role in the direction of Dogecoin in 2025.
Top Channel Tips for Dogecoin Price Upcoming Breakout
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 has corrected as high as 43% since that point, until it hit $0.267 in December’s low. 20.
However, a look back at the Dogecoin price chart on a monthly basis shows that the leading meme cryptocurrency is currently showing a bullish price pattern. Analysis of Trader Tardigrade it emphasizes Dogecoin’s current technical pattern of an ascending channel, which usually shows a bullish exit when approaching the upper border of the channel. Although December was characterized by rejection after a high rise in this channel, the volatility of the current markets point to the coming explosion.
Interestingly, Trader Tardigrade highlighted a similar formation in late 2020 before the subsequent parabolic surge in 2021. With this in mind, Dogecoin could repeat the same move and breakout of the ascending channel in early 2025 with a large monthly ascending candle.
2025 Outlook: Will DOGE Finally Break $1?
One of the most impressive aspects of Trader Tardigrade’s analysis is the timeline tied to Elon Musk’s anticipated role as an actor. official head of the DOGE (Department Of Government Efficiency) in January 2025. Musk, who is a supporter of Dogecoin, has long influenced the meme coin’s price movement through social media and public recommendations. Trader Tardigrade suggested that Musk’s meeting with DOGE at 2025 could serve as a precursor to another large bullish candle in January.
Dogecoin, despite its meteoric rise during the 2021 bull market, has however achieving a milestone of $1. The closest it came was in May 2021, when its price increased by $0.7316. However, as it stands, the general consensus among bullish supporters is for Dogecoin to break above $1 in the coming months.
According to Trader Tardigrade’s projection, a large bullish candle could see the price of Dogecoin reach as high as $2.1 in January 2025. From here, continued momentum will see Dogecoin breaking more than $10 later in 2025.
At the time of writing, Dogecoin is trading at $0.311.
The featured image was created with Dall.E, a chart from Tradingview.com
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