The Dogecoin bulls have entered a soothing phase as the volume remains grounded, due to which the price has begun to trade within a horizontal consolidation. The DOGE price lost a key support level at $0.34 and hence reclaiming these levels has become more important for the rally. The price faced a 60% pullback from the highs over $0.22 during the end of Q1. Therefore, if the pattern repeats, the Dogecoin price is expected to close the yearly trade on a bearish note, probably plunging below $0.2.
The DOGE price initiated the 2024 trade with a massive upswing, gaining over 150% value after a horizontal consolidation for over a month. Interestingly, the token is repeating the same pattern and hence the fear of a 40% pullback haunts the DOGE price rally. The price is currently stuck within an ascending triangle after rising from a prolonged consolidation, similar to before, and is about to test the ascending trend line.
Now that the Dogecoin price rally has landed into a decisive phase, here’s what to expect in 2025.
As mentioned earlier, the token is approaching crucial levels that appear to be pretty decisive at the moment. The price has not broken the ascending trend line, which has been a strong support and hence keeps up the possibility of a healthy upswing. If this trade materializes, then the price is expected to trade along the rising trend line and reach the apex, followed by a breakout to the important resistance at $0.7.
On the other hand, if the price repeats it’s previous trend, then the price is feared to drop below $0.25 and remain consolidated around the range for a while. Unfortunately, the technicals are displaying a similar trend which suggests a pullback could be imminent. Regardless of the growing bearish pressure, the Dogecoin (DOGE) price remains primed to trigger a healthy rebound and revive an ascending trend to reach the crucial barrier at $0.7 during Q1 2025.
After securing these levels by withstanding the bearish pressures, the DOGE price could eventually head towards $1 in late 2025, marking the peak of the ongoing bull run.
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