Dogecoin Price Predicted to Hit $1.2 as Analysts See Major Breakout by January's End

Dogecoin is poised for a potential rally to $1.2, with analysts highlighting its current consolidation as a springboard for growth. If the popular meme coin breaks its all-time high of $0.74 by January, a significant surge could follow, according to market experts.

Dogecoin Could Test $1.2 If Key Levels Are Broken

The Dogecoin price could surge to $1.2, according to Master Kenobi's X article. According to him, the $1.2 region could be tested if DOGE is able to surpass its ATH of $0.74 by the end of January.

The expert pointed out that if Dogecoin experiences such a surge, its market valuation might match that of XRP. In addition, Master Kenobi mentioned that, while not impossible, any rally beyond $1.2 would be considered a bonus.

Dogecoin Could Reach $3.4, But Timing Matters

He also mentioned that Dogecoin might reach the orange trendline before the end of January, as he highlighted on the following chart, which could lead to a price increase to $3.4 for the top meme coin.

Nevertheless, Master Kenobi made the observation that, given the current state of the market, he does not think the leading meme coin can achieve this goal. Possibly later this year, he said, but not right now.

Consolidation Zones Signal Potential for a Breakout

According to the crypto expert, DOGE appears to have found its consolidation zone in a balanced position, which is relevant to the present Dogecoin price action. In the past, he noticed that when DOGE's rise was sharp, there would be pauses for correction and then horizontal consolidation.

After two weeks of correction, Dogecoin seems to have found a stabilizing level from which it could launch its next move, according to Master Kenobi's recent context.

External Factors Could Drive the Next Bullish Move

This period of inactivity preceding a fresh urge usually lasts, according to the crypto analyst's research, a few weeks. According to Master Kenobi, the story and impetus for the next step could come from sources outside of the cryptocurrency business.

According to crypto expert Trader, the Dogecoin price is in the midst of a bull run. He mentioned that DOGE is currently in the markup phase of the Wyckoff market cycle in an X post.

There has been news that DOGE has finished the first wave of the Markup phase, according to the expert. Towards the phase's close, he said, price appreciation could pick up steam, leading to a "Blow-Off Top."

An abrupt and dramatic price spike defines this chart pattern. At the same time, a recent market analysis by CoinGape suggests that Dogecoin's price might hit new highs this month.