As a seasoned crypto investor with a penchant for meme coins and a knack for spotting trends, I find myself intrigued by the latest analysis of Dogecoin (DOGE) by Trader Tardigrade. With over a decade of experience in the ever-evolving world of cryptocurrencies, I’ve seen my fair share of bull runs and bear markets.
Over the past 24 hours, Dogecoin’s price movement has been emphasized by a fluctuation between $0.3049 and $0.3229. Both the bulls and bears are vying for control on either side, trying to break through. In the short term, the cryptocurrency is experiencing corrections, but a technical analysis of a longer timeframe suggests a bullish pattern that could result in a significant price increase in the upcoming weeks and months. This potential surge might be described as parabolic.
Based on Trader Tardigrade’s analysis of the monthly candlestick chart for Dogecoin, it appears that we could be witnessing a strong upward trend or bullish breakout. This analyst has pointed out an ascending channel that is forming from the bottom, which may significantly influence Dogecoin’s trajectory throughout 2025.
Ascending Channel Hints At Imminent Breakout For The Dogecoin Price
Over the last fortnight, Dogecoin’s price trend has been marked by a decline following its peak of $0.475 on December 8, which was a significant high in multiple years. In particular, Dogecoin experienced a correction of up to 43% from that peak and even dipped as low as $0.267 on December 20.
Looking at the broader Dogecoin price chart over a monthly period, it’s clear that the popular meme cryptocurrency is showing signs of a bullish trend. According to Trader Tardigrade’s analysis, Dogecoin’s current technical pattern resembles an ascending channel, which usually indicates a potential bullish breakout close to the upper limit of the channel. Despite December seeing a price rejection after reaching a higher high on this channel, the current market conditions suggest that a breakout may be imminent.
It’s noteworthy that Trader Tardigrade pointed out a comparable pattern around the end of 2020, just before the significant rise in 2021. Given this, there’s a possibility that Dogecoin might replicate this trend and break free from its ascending channel early in 2025, potentially marking a large upward monthly candle on the chart.
2025 Outlook: Will DOGE Finally Break $1?
One fascinating point in Trader Tardigrade’s analysis lies in the connection to Elon Musk’s potential leadership of the Department Of Government Efficiency, expected in January 2025. Known for his backing of Dogecoin, Musk has often swayed the price trends of this meme coin via social media and public statements. Trader Tardigrade speculates that Musk’s involvement with DOGE in 2025 might signal a significant surge in its value, potentially culminating in another impressive price spike in January.
Despite soaring significantly during the 2021 market surge, Dogecoin has yet to reach the notable $1 value. Its price got closest to this mark in May 2021 when it peaked at $0.7316. Nevertheless, many optimistic supporters predict a break above $1 for Dogecoin within the upcoming months.
Based on forecasts by Trader Tardigrade, a significant surge in Dogecoin’s value could potentially take it up to around $2.1 by January 2025. If this trend continues, we might even see Dogecoin surpassing the $10 mark later in the same year.
At the time of writing, Dogecoin is trading at $0.311.
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2024-12-23 11:11