Dogecoin’s 24-hour price action was highlighted by a range between $0.3049 and $0.3229 Both the bulls and the bears are working break into both sides. While the cryptocurrency continues to struggle with price corrections in the short term, technical analysis of a broader time frame shows a bullish structure that would lead to a parabolic increase in the coming weeks and months.
According to technical analysis of the monthly candlestick chart by crypto analyst Trader Tardigrade, Dogecoin is on track for a bullish breakout from here. He highlighted the formation of an ascending channel from below that will play a crucial role in Dogecoin’s direction in 2025.
Ascending channel suggests an impending breakout for Dogecoin price
Dogecoin’s price action over the past two weeks has been highlighted by a correction since it hit a multi-year high of $0.475 on December 8th. Notably, Dogecoin has corrected up to 43% from that point onwards and even hit a low of $0.267 on December 20.
However, zooming out on the Dogecoin price chart to the monthly time frame reveals that the leading meme cryptocurrency is currently exhibiting a bullish price pattern. Analysis of Trader Tardigrade highlights Dogecoin’s current technical pattern of an ascending channel, which often signals a bullish breakout as it approaches the channel’s upper boundary. Although December was marked by rejection following a higher high on this channel, the current market dynamics cannot be ignored indicate an impending outbreak.
Interestingly, trader Tardigrade pointed out a similar formation in late 2020 before a parabolic rise in 2021. With this in mind, Dogecoin could repeat the same move and breakout from the ascending channel in early 2025 with a massive monthly bullish candle.

Outlook 2025: Will DOGE finally break the $1 mark?
One of the most intriguing aspects of Trader Tardigrade’s analysis is the timeline tied to Elon Musk’s expected role as a theorist official head of DOGE (Ministry 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 suggested that Musk’s association with DOGE in 2025 could serve as a precursor to another massive bullish candle in January.
Dogecoin has done this despite its meteoric rise during the 2021 bull market has not yet reached the coveted $1 milestone. The closest it came was in May 2021, when the price peaked at $0.7316. However, the general consensus currently among bullish proponents is that Dogecoin will break above $1 in the coming months.
According to trader Tardigrade’s prediction, the massive bullish candle that follows could see Dogecoin price reach a peak of $2.1 in January 2025. From here, Dogecoin’s momentum would continue later break above $10 in 2025.
At the time of writing, Dogecoin is trading at $0.311.
Featured image created with Dall.E, chart from Tradingview.com