Dogecoin is in a consolidation zone, is the $3 target price going to go crazy?
Recently, Dogecoin entered a consolidation phase after the market rebounded above $0.3. At present, Dogecoin has set a new target price of $3.4, hoping to achieve this goal and set a new record high in 2025.
Dogecoin has now officially entered a sideways consolidation zone. Looking back at history, the trend of Dogecoin follows a somewhat predictable pattern: first growth stagnation, then price adjustment, then entering a consolidation phase, and finally ushering in a sharp rise.
Generally speaking, these consolidation periods will last for several weeks on average, accumulating strength for the next big rise of Dogecoin.
In the latest cycle, after two weeks of adjustment, Dogecoin has now stabilized in the balanced consolidation zone, which may mean that it is preparing for the next price breakthrough.
At present, the price of Dogecoin is consolidating around $0.31.
The chart clearly points to the Bitcoin halving event, which has historically been a powerful catalyst for significant growth in the crypto market. Based on this observation, the Bitcoin halving, which begins in April 2024, is likely to provide strong narrative support and upward momentum for Dogecoin to achieve higher price targets after the consolidation phase.
The blue line at the bottom of the trend channel represents Dogecoin's current price above $0.3.
The Dogecoin chart identifies three important price targets for the meme coin in 2025.
The $0.74 ATH (all-time high) is a key resistance area, and if Dogecoin successfully breaks through this area, it is likely that its bullish trend to the next ATH will be restarted.
If Dogecoin breaks through $0.74, its next bullish target will be set at $1.2, which is consistent with the yellow trend line in the chart.
Dogecoin may hit the orange trend line at the end of January, which represents an ambitious price target of $3.4.
If Dogecoin can climb to this all-time high, its market value will surpass Ethereum (currently Ethereum market value is $411.2 billion). In the current bull market, it is unlikely that Dogecoin will reach 3.4 USD;
