Decoding the Possibility of Reaching $1
Dogecoin bulls have entered a phase of relief as volume remains stagnant and as a result the price has started trading in a horizontal consolidation. this dog price The key support level at $0.34 was lost, so reclaiming these levels becomes even more important for the rebound. Prices are down 60% from highs of over $0.22 at the end of the first quarter. Therefore, if this pattern repeats, Dogecoin price is expected to end the year on a bearish note, possibly falling below $0.2.
DOGE price kicked off 2024 with a sharp rise, rising over 150% in value after more than a month of sideways movement. Interestingly, the coin is repeating the same pattern and hence fears of a 40% retracement have been plaguing DOGE price gains. After a long period of consolidation, the price is currently stuck in an ascending triangle, similar to before, and is about to test the ascending trendline.
Now that the Dogecoin price rise has entered a decisive phase, here are what to expect in 2025.
As mentioned earlier, the coin is approaching key levels that look quite decisive at the moment. The price has yet to break above the uptrend line, which is a strong support, thus maintaining the possibility of a healthy rise. If this trade materializes, the price is expected to trade along the uptrend line and peak before breaking above the important resistance level of $0.7.
On the other hand, if the price repeats its previous trend, then the price may drop below $0.25 and remain consolidated in this range for some time. Unfortunately, the technical picture shows a similar trend, suggesting a pullback may be imminent. Despite growing bearish pressure, Dogecoin (DOGE) price is poised to trigger a healthy rebound and revive the uptrend, reaching the critical $0.7 mark in the first quarter of 2025.
After resisting bearish pressure to reach these levels, DOGE price could eventually rise to $1 by the end of 2025, marking the peak of the ongoing bull market.
