Dogecoin Value Enters Consolidation Zone After Market Bounce With Eyes At $3

A crypto analyst has confirmed that the Dogecoin worth has entered a consolidation zone after experiencing a latest market bounce above the $0.3 stage. The analyst predicts that Dogecoin is now eyeing a brand new worth goal of $3.4, aiming to succeed in a new all-time excessive in 2025. 

Dogecoin Value Stabilizes In Consolidation Zone

In line with X (previously Twitter) crypto analyst Grasp Kenobi, Dogecoin has formally entered a horizontal consolidation zone. Traditionally, Dogecoin has adopted a considerably predictable sample of progress stagnation, worth corrections, consolidation phases, and sharp surges. The analyst has revealed that these consolidation intervals usually lasted for a number of weeks on common, performing as a launching pad for Dogecoin’s subsequent main worth rally.

On this newest cycle, Grasp Kenobi disclosed that Dogecoin has stabilized inside a consolidation zone of steadiness after two weeks of correction, indicating that it may very well be gearing up for its subsequent worth impulse. Primarily based on the analyst’s report, the Dogecoin worth is consolidating across the $0.31 stage. 

The analyst famous that exterior elements past the crypto market might play a big position, probably turning into a catalyst or narrative for Dogecoin’s subsequent breakout. As a meme coin, Dogecoin’s worth momentum is commonly influenced by modifications in market traits, broader sentiment, will increase in group engagement, and social media. 

Grasp Kenobi additionally offered a chart pinpointing Bitcoin halving occasions, highlighting that they’ve traditionally catalyzed a surge within the broader crypto market. Primarily based on this remark, the Bitcoin halving, which commenced in April 2024, might present a stronger narrative and motivation for Dogecoin to succeed in greater worth targets after its consolidation part. 

Whereas Grasp Kenobi has highlighted the importance of Dogecoin’s historic patterns on its present worth motion, he additionally predicted the meme coin’s future actions primarily based on his chart evaluation. The crypto analyst divided the Dogecoin chart into a number of coloured trendlines, forming an ascending worth channel.  

The blue line on the base of the pattern channel signifies Dogecoin’s present worth stage above $0.3. The inexperienced line, performing as a powerful resistance space, exhibits Dogecoin’s 2021 all-time excessive at round $0.74 and its coveted milestone above $1. Moreover, the yellow and pink trendlines function a a lot greater resistance stage and worth goal for Dogecoin. 

Bullish Breakout To $3.4

Grasp Kenobi’s Dogecoin chart has recognized three essential worth targets for the meme coin in 2025. The ATH at $0.74 serves as an important resistance space, which, if Dogecoin can break previous, might signify a renewed bullish pattern to its subsequent ATH. 

If Dogecoin clears $0.74, its subsequent bullish goal is ready at $1.2, aligning with the yellow trendline within the chart. At this worth mark, the analyst revealed that Dogecoin’s market cap would rival that of XRP, cementing the meme coin’s standing among the many high cryptocurrencies.

Grasp Kenobi additionally forecasted that Dogecoin might hit the orange trendline by the tip of January, representing an formidable worth goal of $3.4. The analyst disclosed that if Dogecoin rises to this ATH, its market capitalization will exceed that of Ethereum, which stands at $411.2 billion. He additional acknowledged that reaching $3.4 was unlikely for Dogecoin at this stage of the bull market; nonetheless, it may very well be achievable at a a lot later date in 2025. 

Featured picture created with Dall.E, chart from Tradingview.com