The 24-hour Dogecoin price action is highlighted by a range between $0.3049 and $0.3229. Both bulls and bears work To break in either direction. As cryptocurrencies continue to struggle with price corrections on a short-term timeframe, a broader timeframe technical analysis indicates a bullish structure that will lead to a parabolic rally in the coming weeks and months.
According to technical analysis of the monthly candlestick chart by crypto analyst Trader Tardigrade, Dogecoin Well on track for a bullish breakout from here He highlighted the formation of an ascending channel from below, which is set to play an important role in the direction of Dogecoin in 2025.
Ascending channel signals on imminent breakout for Dogecoin price
Dogecoin’s price action over the past two weeks has been highlighted by a correction as it hit a multi-year high of $0.475 on December 8. Notably, Dogecoin has recovered as much as 43% since that point, even hitting the December low of $0.267. 20.
However, zooming out on the Dogecoin price chart in the monthly time frame shows that the leading meme cryptocurrency is currently exhibiting a bullish price pattern. Analysis of Trader Tardigrade Emphasizes Dogecoin’s current technical pattern of an ascending channel, which often signals a bullish breakout near the upper limit of the channel. Although December is characterized by a rejection after the higher high on this channel, the current market dynamics Point to a rising breakout.
Interestingly, Trader Tardigrade revealed a similar formation in late 2020 before a parabolic rise in 2021. With this in mind, Dogecoin could repeat the same move and breakout of the ascending channel with a huge upward monthly candle in early 2025.
2025 Outlook: Will DOGE Finally Break $1?
One of the most interesting aspects of Trader Tardigrade’s analysis is the timeline surrounding Elon Musk’s presumed role. Official Head of DOGE (Department of Government Efficiency) in January 2025. A vocal supporter of Dogecoin, Musk has long influenced the meme coin’s price movement through social media and public support. Trader Tardigrade indicated that Musk’s association with DOGE in 2025 could serve as a precursor to another large upward candle in January.
Dogecoin, despite its rapid growth during the 2021 bull market, is Have yet to hit the $1 milestone. The closest it came was in May 2021, when the price was at $0.7316. However, as it stands, the general consensus among bullish proponents is a Dogecoin break above $1 in the coming months.
According to trader Tardigrade’s forecast, the upcoming massive upside candle could see Dogecoin price reach $2.1 high in January 2025. From here, dogecoin could see continued momentum. Later breaking above $10 In 2025.
At the time of writing, Dogecoin is trading at $0.311.
Featured image created with Dall.E, chart from Tradingview.com
