Dogecoin bulls have entered a calming phase as volume remains stable, so the price has started trading within a horizontal consolidation. DOGE price lost a key support level at $0.34 and therefore reclaiming these levels has become more important for the rally. The price faced a 60% retracement from highs of over $0.22 at the end of the first quarter. Therefore, if the pattern repeats, Dogecoin price is expected to close the yearly trade on a bearish note, likely falling below $0.2.
DOGE price kicked off 2024 trading with a massive rally, gaining over 150% of its value after a horizontal consolidation for over a month. Interestingly, the token repeats the same pattern and thus fear of a 40% retracement is stalking the DOGE price rally. Currently, the price is trapped inside an ascending triangle after a prolonged consolidation, similar to before, and is about to test the ascending trend line.
Now that Dogecoin’s price rally has entered a decisive phase, here’s what to expect in 2025.
As mentioned above, the token is approaching crucial levels that look quite decisive at the moment. The price has not broken the ascending trend line, which has been a strong support and therefore maintains the possibility of a healthy rally. If this trade materializes, the price is expected to trade along the ascending trend line and reach the apex, followed by a breakout towards the important resistance at $0.7.
On the other hand, if the price repeats its previous trend, then it is feared that the price will fall below $0.25 and remain consolidated in the range for a while. Unfortunately, the technical data shows a similar trend, suggesting that a pullback could be imminent. Regardless of the growing bearish pressure, Dogecoin (DOGE) price remains poised to trigger a healthy rebound and revive an upward trend to reach the crucial $0.7 barrier during the first quarter of 2025.
After securing these levels by resisting bearish pressures, DOGE price could eventually head towards $1 by the end of 2025, marking the peak of the ongoing bull run.
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