A crypto analyst has confirmed that Dogecoin price has entered a consolidation zone after recently seeing a market rise above the $0.3 mark. The analyst predicts that Dogecoin is now aiming for a new price target of $3.4 and wants to achieve one new all-time high in 2025.
Dogecoin price is stabilizing in the consolidation zone
According to X (formerly Twitter) cryptocurrency analyst Master Kenobi, Dogecoin has officially done so entered a horizontal consolidation zone. Historically, Dogecoin has followed a somewhat predictable pattern of stagnation in growth. Price correctionsPhases of consolidation and strong upswings. The analyst found that these consolidation periods often lasted a few weeks on average and served as a launching pad Dogecoin’s next big price rally.
In this latest cycle, Master Kenobi announced that Dogecoin had stabilized within a consolidation zone of equilibrium after a two-week correction, suggesting that it could be preparing for its next price impulse. Based on analyst report Dogecoin price is consolidating around the $0.31 mark.
The analyst noted that external factors outside of the crypto market could play an important role and could potentially become a catalyst or narrative for Dogecoin’s next breakout. As a meme coin Dogecoin price dynamics is often influenced by changes in market trends, general sentiment, increasing community engagement and social media.
Master Kenobi also presented a location map Bitcoin Halving Eventsindicating that they have sparked a rally in the broader crypto market in the past. Based on this observation, the Bitcoin halving that began in April 2024 could provide a stronger narrative and motivation for Dogecoin to reach higher price targets after its consolidation phase.
While Master Kenobi has highlighted the importance of Dogecoin’s historical patterns to its current price performance, he has also predicted the future movements of the meme coin based on his chart analysis. The crypto analyst divided the Dogecoin chart into several colored trendlines that formed an ascending price channel.
The blue line at the base of the trend channel indicates Dogecoin’s current price level above $0.3. The green line, which acts as a strong resistance area, appears Dogecoin’s all-time high in 2021 at around $0.74 and its coveted milestone above $1. Additionally, the yellow and red trend lines serve as a much higher resistance level and price target for Dogecoin.
Bullish breakout to $3.4
Master Kenobi Dogecoin chart has identified three critical price targets for the meme coin in 2025. The ATH at $0.74 serves as a crucial resistance area, which if Dogecoin can break through, could mean a renewed uptrend to its next ATH.
If Dogecoin breaks $0.74, its next upside target will be $1.2, which coincides with the yellow trendline on the chart. At this price mark, the analyst revealed that Dogecoin market capitalization would compete with that of XRPcementing the meme coin’s status among the top cryptocurrencies.
Master Kenobi also predicted that Dogecoin could reach the orange trend line by the end of January, representing value ambitious price target of $3.4. The analyst revealed that if Dogecoin rises to this high, its market cap will surpass that of Ethereum, which stands at $411.2 billion. He also admitted that it is unlikely for Dogecoin to reach $3.4 at this point bull market; However, this could be viable at a much later date in 2025.
Featured image created with Dall.E, chart from Tradingview.com