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The 24-hour Dogecoin price action has been highlighted by a range between $0.3049 and $0.3229 as both the bulls and bears work to break into either side. As the cryptocurrency continues to struggle with price corrections on the short-term timeframe, technical analysis of a wider timeframe shows a bullish structure that would lead to a parabolic surge in the coming weeks and months.
According to technical analysis of the monthly candlestick chart by crypto analyst Trader Tardigrade, Dogecoin is well on track for a bullish breakout from here. He highlighted the formation of an ascending channel from the bottom, which is poised to play a critical role in Dogecoin’s direction in 2025.
Ascending Channel Hints At Imminent Breakout For The Dogecoin Price
Dogecoin’s price action in the past two weeks has been highlighted by a correction since it reached a multi-year high of $0.475 on December 8. Particularly, Dogecoin has corrected as high as 43% from that point, even hitting a low of $0.267 on December 20.
However, zooming out on the Dogecoin price chart into the monthly timeframe shows that the leading meme cryptocurrency is currently exhibiting a bullish price pattern. Trader Tardigrade’s analysis emphasizes Dogecoin’s current technical pattern of an ascending channel, which often signals a bullish breakout when nearing the upper boundary of the channel. Although December has been characterized by a rejection after a higher high on this channel, current market dynamics point to a looming breakout.
Interestingly, Trader Tardigrade highlighted a similar formation in late 2020 before the ensuing parabolic surge in 2021. With this in mind, Dogecoin could repeat the same move and breakout of the ascending channel in early 2025 with a massive upward monthly candle.
2025 Outlook: Will DOGE Finally Break $1?
One of the most intriguing aspects of Trader Tardigrade’s analysis is the timeline tied to Elon Musk’s anticipated role as the official head of DOGE (Department Of Government Efficiency) in January 2025. Musk, a vocal supporter of Dogecoin, has long influenced the meme coin’s price movements through social media and public endorsements. Trader Tardigrade hinted that Musk’s association with DOGE in 2025 could act as a precursor for another massive upward candle in January.
Dogecoin, despite its meteoric rise during the 2021 bull market, has yet to achieve the coveted $1 milestone. The closest it came was in May 2021, when its price peaked 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 projection, the ensuing massive upward candle could see the Dogecoin price reach as high as $2.1 in January 2025. From here, continued momentum would see Dogecoin breaking above $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
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