The price action of Dogecoin in the 24-hour period stands out between $0.3049 and $0.3229, as both bulls and bears struggle to break out of either side. As cryptocurrencies continue to struggle with a price correction in the short term, technical analysis on a broader time horizon shows a bullish structure that will lead to a parabolic rally in the coming weeks and months.

According to cryptocurrency analyst Trader Tardigrade's technical analysis of the monthly candle chart, Dogecoin is expected to see a bullish breakout from here on out. He highlighted the upward channel formed from the bottom, which will play a key role in the direction of Dogecoin in 2025.

Since reaching a multi-year high of $0.475 on December 8, the price action of Dogecoin over the past two weeks has been a correction trend. Especially since then, Dogecoin has retraced as much as 43%, even hitting a low of $0.267 on December 20.

However, narrowing the Dogecoin price graph to a monthly time frame reveals that the leading meme cryptocurrency is currently showing a bullish price pattern. Trader Tardigrade's analysis highlights Dogecoin's current uptrend channel technical pattern, which typically signals a bullish breakout near the channel ceiling. While December has been characterized by rejections following higher highs on this channel, current market dynamics suggest a breakout is imminent.

Interestingly, trader Tardigrade highlighted a similar pattern in late 2020, followed by a parabolic rally in 2021. With this in mind, Dogecoin is likely to repeat the same trend in early 2025 and break out of the upward channel with a sharply rising moonline candle chart.

One of the most interesting aspects of trader Tardigrade's analysis is related to the timeline of Elon Musk's expected role as the official head of DOGE (Department of Government Efficiency) in January 2025. Musk is an active supporter of Dogecoin and has long influenced the meme's price movement through social media and public support. Trader Tardigrade suggested that Musk's partnership with DOGE in 2025 could be a precursor to another big upside candle in January.

Despite its rapid rise during the 2021 bull market, Dogecoin has yet to reach the coveted $1 milestone. The closest it came was in May 2021, when the price peaked at $0.7316. As it stands, however, the general consensus among bullish supporters is that Dogecoin will break through $1 in the next few months.

According to the forecast of trader Tardigrade, the subsequent sharp rise in candle could take the price of Dogecoin to as high as $2.10 in January 2025. From now on, continued momentum will see Dogecoin surpass $10 in the second half of 2025. At the time of writing, Dogecoin was trading at $0.311.