Bulls have just shown confidence in the rebound of XRP's price, breaking a six-year consolidation. Additionally, the top two cryptocurrencies, Bitcoin and Ethereum, continue to fluctuate within a narrow range, likely due to a significant amount of liquidity shifting towards other tokens. One of these is Dogecoin, which has demonstrated immense strength in the past few days and is currently preparing for another wave of a bull market.
DOGE's price has broken out of a consolidation state that has remained below $0.15 for years, rising 350% to reach an annual high of $0.48. Although bulls seem to have slightly paused, they continue to maintain an upward range, indicating that the top memecoin is preparing for the next wave of a bull market. Will the price of DOGE reach $1 by 2025?
Long-term price trends indicate that bulls are strengthening their positions to trigger a 500% increase in the coming months. The price is still consolidating within an ascending parallel channel, and a recent breakout from this pattern may push the price towards resistance. Additionally, the RSI has entered the overbought zone and has flattened out. However, as long as the RSI trades within the bullish range, the likelihood of continued upward movement remains high, with a target of $0.7 for 2024 and over $11 for 2025.
Furthermore, in the short term, DOGE's price is trading within a bull flag and maintaining a sustained upward trend within a triangular flag. Therefore, it is expected that the price will break through $0.5, which could place the token on the verge of a massive explosion. A breakout of this range could trigger a 100% increase, reaching $1, possibly within a few days before the end of 2024 or early 2025.
On the other hand, memecoins like SHIB, PEPE, and FLOKI have been in an upward mode, so after a breakout, the price could trigger a substantial rise, forming new highs.