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Dogecoin (DOGE) Price Forms Ascending Channel from the Bottom, Why a Surge into 2025 Could Send Price above $1
Dogecoin’s recent price action has taken a dramatic turn as it formed an ascending channel pattern at the bottom. This development could potentially be a catalyst for a massive upward surge in 2025, with some analysts predicting a price above $1.
Trader Tardigrade’s latest analysis suggests that DOGE could repeat the same move and break out of the ascending channel in early 2025 with a massive upward monthly candle. The prediction is based on the notion that Elon Musk’s anticipated role as the head of DOGE (Department Of Government Efficiency) in January 2025 could act as a precursor for another massive upward price movement.
As we’ve seen before, Elon Musk’s influence on Dogecoin has been instrumental in driving its price up. In fact, when he tweeted about buying and holding DOGE, the price surged by over 30%. Similarly, his recent public endorsement of the meme coin led to a significant increase in trading volume and a notable rise in value.
Given this historical context, it’s not entirely impossible that Musk’s association with DOGE could be the spark that sets off another massive upward candle.
Source: bitcoinist.com
