Dogecoin (DOGE) has the potential to rise to $1.2 in the new year, and if it breaks its historical high of $0.74 before the end of January, it may then test the $1.2 region.
This rebound would align Dogecoin's market capitalization with XRP, meaning DOGE has the potential for significant growth.
Potential above $1.2
Although $1.2 is an important target, a rebound above this price would be an additional 'reward', though I do not believe this will happen in the current bull market phase.
If Dogecoin reaches its predicted orange trend line, a future rise to $3.4 is also possible, although this may happen later.
Current price trends and market adjustments
Regarding the current price trend, Dogecoin seems to have entered a stable consolidation phase. Historically, Dogecoin tends to experience a period of adjustment after a rapid rise, followed by lateral consolidation.
Based on observations, after two weeks of adjustment, Dogecoin may now have found a stable foundation, ready to welcome the next wave of increase.
External factors may provide upward momentum
While Dogecoin is steadily adjusting, external events may provide momentum for its next upward move. These events will be key to market momentum, pushing DOGE into a new price range.
Dogecoin is currently in the upward phase of the Wyckoff market cycle. DOGE has completed the first wave of this cycle's rise, and the end of this phase may lead to an 'explosive surge'.
According to market analysis from CoinGape, Dogecoin may indeed break through its current price range this month and set new highs.
