Emily Walker
In the last 24 hours, Dogecoin’s price has fluctuated between $0.3049 and $0.3229 as both buyers and sellers strive to overcome each other. Despite facing short-term price corrections, broader technical analysis indicates a favorable bullish trend for Dogecoin, suggesting a significant price increase might occur in the near future.
Crypto analyst Trader Tardigrade shared insights from the monthly candlestick chart, noting that Dogecoin is positioned for a significant bullish breakout. He pointed out the formation of an ascending channel that could critically influence Dogecoin’s trajectory in 2025.
Ascending Channel Suggests Potential Price Breakout for Dogecoin
Recently, Dogecoin’s price saw a correction after hitting a multi-year peak of $0.475 on December 8, dropping by up to 43% to a low of $0.267 on December 20.
However, a longer-term view of the Dogecoin price chart reveals that it is currently showing a bullish pattern. Trader Tardigrade’s analysis highlights the ascending channel pattern, which is often associated with a bullish breakout when approaching its upper boundary. Despite some rejection in December after achieving a higher high, current market conditions suggest that a breakout may be imminent.
Interestingly, a similar scenario occurred in late 2020, preceding Dogecoin’s significant price rise in 2021. Therefore, there is potential for Dogecoin to experience a breakout from the ascending channel early in 2025, possibly marked by a strong upward monthly candle.
What to Expect in 2025: Can DOGE Exceed $1?
One notable point from Trader Tardigrade’s analysis involves Elon Musk’s expected role as the head of DOGE (Department Of Government Efficiency) starting January 2025. Musk’s strong advocacy for Dogecoin has historically impacted its price due to his social media influence and public endorsements. Trader Tardigrade suggested that Musk’s involvement in 2025 could set the stage for another significant price increase in January.
Although Dogecoin witnessed an impressive rise during the 2021 bull market, it has not yet reached the anticipated $1 milestone, with its highest price of $0.7316 recorded in May 2021. However, bullish expectations suggest that Dogecoin may cross the $1 threshold soon.
According to Trader Tardigrade’s prediction, a massive upward price movement could elevate Dogecoin to around $2.1 in January 2025, with even greater growth expected to push the price above $10 later in that year.
Currently, Dogecoin’s trading price stands at $0.311.