Dogecoin, the popular meme-based cryptocurrency, has been making headlines once again as the price gains strength and the markets turn bullish. Despite facing some bearish action, Dogecoin is still primed for a huge upswing, with a new all-time high (ATH) at $5 on the horizon.
During the 2021 bull run, Dogecoin gained mainstream attention as the price rallied from around $0.0045 to an impressive high of $0.7376. A similar rise has been observed in recent months, sparking speculation of a potential 2021-like bullish trend in the near future.
Recently, Dogecoin moved out of a long consolidation phase that lasted from early November to mid-December, followed by a period of manipulation. Historically, a strong distribution phase typically follows, setting the stage for a push towards a new ATH.
Trader Tardigrade, a well-known analyst, has pointed out the similarities between the current price action and the 2021 bull run. Dogecoin is currently undergoing a consolidation phase similar to the one seen in 2021, hinting at a potential massive breakout in the coming months.
Many analysts and veterans are anticipating a strong bull run in 2025, which could potentially trigger an altseason. If Dogecoin’s price rally follows the same pattern as before, we could see the price soar well above the $1 milestone, possibly reaching $4.5 to $5. Once these levels are reached, it may be challenging for bears to push the price back below $1, even in a bear market.
Overall, Dogecoin’s future looks promising as it continues to attract attention and gain momentum in the crypto markets. With a potential new ATH on the horizon, investors and enthusiasts alike are eagerly watching to see how Dogecoin’s price will evolve in the coming months.