The recent 24-hour price action of Dogecoin has revealed a trading range between $0.3049 and $0.3229, with bulls and bears battling for control. Although the price is experiencing some short-term corrections, a closer look at the longer-term trends indicates a bullish structure that could lead to an impressive upward movement in the upcoming weeks and months.
Trader Tardigrade, a well-known crypto analyst, believes that Dogecoin is on the verge of a bullish breakout. He pointed out the development of an ascending channel from the bottom, which seems poised to significantly influence Dogecoin’s trajectory as we head into 2025.
The last two weeks have seen Dogecoin undergo a correction after reaching a multi-year high of $0.475 on December 8. Since then, it has corrected by as much as 43%, even touching a low of $0.267 on December 20. However, if we expand our view to the monthly price chart, it becomes clear that Dogecoin is forming a bullish price pattern.
According to Trader Tardigrade’s analysis, Dogecoin is currently adhering to an ascending channel pattern, typically indicating a potential bullish breakout as it approaches the channel’s upper boundary. Despite facing challenges in December with a rejection after a higher high, the current market dynamics suggest that a breakout is on the horizon.
Interestingly, Trader Tardigrade noticed a similar pattern emerging in late 2020, which preceded the massive price surge in 2021. This historical perspective raises the possibility that Dogecoin might repeat that trajectory and break out from the ascending channel in early 2025, potentially culminating in a strong upward monthly candle.
Looking ahead to 2025, one of the most compelling aspects highlighted by Trader Tardigrade is the expected influence of Elon Musk as the new head of DOGE (Department Of Government Efficiency) in January 2025. Musk has been a staunch advocate of Dogecoin, impacting its price through various social media endorsements. The anticipation surrounding Musk’s role could serve as a catalyst for another substantial price increase come January.
Despite Dogecoin’s massive rise during the 2021 bull market, it still hasn’t reached the coveted $1 mark. The nearest it came was in May 2021, when it peaked at $0.7316. However, there’s a strong belief among bullish supporters that Dogecoin can finally break the $1 barrier in the near future.
Trader Tardigrade suggests that if the predicted surge occurs, we could see Dogecoin’s price climb as high as $2.1 in January 2025, setting the stage for an even more ambitious target of breaking $10 later that same year.
At present, Dogecoin is trading at $0.311. As the market awaits the exciting developments ahead, the crypto community is buzzing with anticipation of what could be a transformative year for Dogecoin enthusiasts.
