A crypto analyst has confirmed that Dogecoin price has entered a consolidation zone after recently experiencing a market rebound above the $0.3 level. The analyst predicts that Dogecoin is now eyeing a new price target of $3.4, aiming to reach a new historic record in 2025.
Dogecoin price stabilizes in the consolidation zone
According to Master Kenobi, crypto analyst at X (formerly Twitter), Dogecoin has officially between a horizontal consolidation zone. Historically, Dogecoin has followed a somewhat predictable pattern of stagnant growth, price correctionsconsolidation phases and strong surges. The analyst reveals that these periods of consolidation often lasted a few weeks on average, serving as a launching pad for The Next Major Dogecoin Price Rally.
During this latest cycle, Master Kenobi revealed that Dogecoin stabilized in a consolidation equilibrium zone after two weeks of correction, indicating that it could be preparing for its next price impulse. Based on the analyst’s report, the Dogecoin price consolidates around the $0.31 level.
The analyst noted that external factors beyond the crypto market could play a significant role, possibly becoming a catalyst or narrative for Dogecoin’s next breakthrough. As a coin, Dogecoin price dynamics is often influenced by changing market trends, broader sentiment, increased community engagement and social media.
Master Kenobi also presented a chart indicating Bitcoin Halving Eventshighlighting that they have historically catalyzed a surge in the broader crypto market. Based on this observation, the Bitcoin halving, which began in April 2024, could provide a stronger narrative and motivation for Dogecoin to achieve higher price targets after its consolidation phase.
Although Master Kenobi emphasized the importance of Dogecoin’s historical patterns on current price action, he also predicted the future movements of the meme coin based on its graphical analysis. The crypto analyst split the Dogecoin chart into several colored trendlines, forming 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, acting as an area of ​​strong resistance, shows Dogecoin’s all-time high in 2021 at around $0.74 and its coveted milestone above $1. Additionally, the yellow and red trendlines serve as a much higher resistance level and price target for Dogecoin.
bullish breakout at $3.4
That of 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 zone which, if Dogecoin can break above, could signify a new uptrend for its next ATH.
If Dogecoin rises above $0.74, its next upside target is set at $1.2, aligning with the yellow trendline on the chart. At this price, the analyst revealed that Dogecoin market capitalization would rival that of XRPconsolidating the coin’s status among the leading cryptocurrencies.
Master Kenobi also predicted that Dogecoin could reach the orange trendline by the end of January, representing a ambitious price target of $3.4. The analyst revealed that if Dogecoin hits this ATH, its market cap will surpass that of Ethereum, which stands at $411.2 billion. He further acknowledged that Dogecoin was unlikely to reach $3.4 at this point in the process. bull market; however, this could be feasible much later, in 2025.
Featured image created with Dall.E, chart from Tradingview.com