Dogecoin Price 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 current market bounce above the $0.3 degree. The analyst predicts that Dogecoin is now eyeing a brand new worth goal of $3.4, aiming to achieve a new all-time high in 2025.

Dogecoin Price Stabilizes In Consolidation Zone

In response to X (previously Twitter) crypto analyst Grasp Kenobi, Dogecoin has formally entered a horizontal consolidation zone. Traditionally, Dogecoin has adopted a considerably predictable sample of development stagnation, price corrections, consolidation phases, and sharp surges. The analyst has revealed that these consolidation intervals typically lasted for a couple of weeks on common, appearing as a launching pad for Dogecoin’s next major price 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 might be gearing up for its subsequent worth impulse. Primarily based on the analyst’s report, the Dogecoin price is consolidating across the $0.31 degree.

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

Grasp Kenobi additionally offered a chart pinpointing Bitcoin halving events, highlighting that they’ve traditionally catalyzed a surge within the broader crypto market. Primarily based on this commentary, the Bitcoin halving, which commenced in April 2024, might present a stronger narrative and motivation for Dogecoin to achieve larger 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 movements 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 development channel signifies Dogecoin’s present worth degree above $0.3. The inexperienced line, appearing as a powerful resistance space, exhibits Dogecoin’s 2021 all-time high at round $0.74 and its coveted milestone above $1. Moreover, the yellow and pink trendlines function a a lot larger resistance degree 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 development 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 prime cryptocurrencies.

Grasp Kenobi additionally forecasted that Dogecoin might hit the orange trendline by the tip of January, representing an ambitious price target 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 might be achievable at a a lot later date in 2025.