The 24-hour Dogecoin price action has been highlighted by a range between $0.3049 and $0.3229 as Both bulls and bears work. to break into anywhere. As the cryptocurrency continues to struggle with price corrections in the short term, technical analysis of a longer time frame shows a bullish structure that would lead to a parabolic rise in the coming weeks and months.
According to technical analysis of the monthly candlestick chart by crypto analyst Trader Tardigrade, Dogecoin is well on its way to a bullish breakout from here. He highlighted the formation of an ascending channel from below, which is poised to play a pivotal role in Dogecoin’s direction in 2025.
Ascending channel hints at imminent Dogecoin price breakout
Dogecoin’s price action over the past two weeks has been highlighted by a correction since hitting a multi-year high of $0.475 on December 8. Notably, Dogecoin has corrected up to 43% since that point, even hitting a low of $0.267 in December. 20.
However, expanding the Dogecoin price chart to the monthly period shows that the leading meme cryptocurrency is currently displaying a bullish price pattern. Tardigrade Trader Analysis emphasizes Dogecoin’s current technical pattern of an ascending channel, which often indicates a bullish breakout when approaching the upper boundary of the channel. Although December has been characterized by a rejection after a higher maximum in this channel, the current market dynamics They point to an imminent escape.
Interestingly, Trader Tardigrade highlighted a similar formation in late 2020 before the ensuing parabolic rise in 2021. Keeping this in mind, Dogecoin could repeat the same move and break the ascending channel in early 2025 with a huge ascending monthly candle.
Outlook for 2025: Will DOGE finally surpass the dollar?
One of the most intriguing aspects of Trader Tardigrade’s analysis is the timeline tied to Elon Musk’s anticipated role as the DOGE official head (Department of Government Efficiency) in January 2025. Musk, a strong supporter of Dogecoin, has long influenced the meme coin’s price movements through social media and public support. Trader Tardigrade hinted that Musk’s partnership with DOGE in 2025 could act as a precursor to another massive bullish candle in January.
Dogecoin, despite its meteoric rise during the 2021 bull market, has has not yet reached the coveted $1 milestone. The closest it came was in May 2021, when its price reached a high of $0.7316. However, as things stand, the general consensus among bullish proponents is for Dogecoin to surpass the dollar in the coming months.
According to Trader Tardigrade’s projection, the resulting massive bullish candle could see Dogecoin price reach $2.1 by January 2025. From here, continued momentum would see Dogecoin surpassing $10 later in 2025.
At the time of writing, Dogecoin is trading at $0.311.
Featured image created with Dall.E, chart from Tradingview.com
