According to Cointelegraph, Dogecoin's (DOGE) price movement has decelerated over the past month after surpassing its multimonth resistance level of $0.35 in early November. Despite maintaining a bullish daily chart, the cryptocurrency fell below the 50-day EMA level on December 19 and has yet to regain its position above this indicator.
In the long term, one analyst remains optimistic about Dogecoin's potential, projecting a significant price increase by 2025 if the asset's previous bull run performance is considered. An anonymous crypto investor, known as CEO, shared with his 536,000 followers on X that Dogecoin is poised for a substantial rally in 2025. Using a weekly chart, the investor demonstrated a pattern of range high and range low sweeps of previous weekly resistance and support, similar to those observed in past bull runs. This pattern has been recurring throughout 2024, suggesting Dogecoin is nearing a breakout rally.
Chandler Bing, a technical analyst, echoed this sentiment, predicting Dogecoin's long-term price range to be between $2.35 and $2.60, representing a potential 683% gain from its current price. Although this target may seem ambitious, Bing described it as a "conservative target," based on Dogecoin's historical performance relative to Bitcoin and Ethereum during previous bull runs. Similarly, crypto trader Javon Marks set a price target around $2.30, derived from Fibonacci extension levels, indicating a potential 570% increase from current levels.
On December 20, Dogecoin experienced a brief drop to $0.262 but quickly recovered above $0.30 within the same day. Since then, it has consistently closed above $0.30 daily, though it remains below the 50-day EMA level. Historically, Dogecoin may have reached a bottom, having already executed a liquidity sweep of key levels at $0.32 and $0.34. Earlier reports from Cointelegraph noted a fractal formation from January 2024, where a bearish engulfing pattern led to a 25-30% price decline. A similar scenario unfolded in December 2024, with Dogecoin establishing a bottom following a recent 25% drop.
With the relative strength index (RSI) bottoming below 30, selling pressure appears to be nearing exhaustion. A recovery above $0.35 could trigger a higher high for Dogecoin in 2025. This article is intended for general informational purposes and should not be considered legal or investment advice. The views expressed are those of the authors and do not necessarily reflect the opinions of Cointelegraph.
Weatherly
