Dogecoin (DOGE) price action has slowed over the past four weeks after breaking the multi-month resistance level of $0.35 in early November.
Dogecoin 1-day chart. Source: Cointelegraph/TradingView
Although the daily charts remain bullish, the cryptocurrency asset lost support at the 50-day EMA level on December 19 and is yet to regain its position above the indicator.
Despite these short-term concerns, one analyst emphasized that Dogecoin’s long-term targets remain quite high for 2025, considering its previous bullish performance.
The Dogecoin target is between $2.35 and $2.60.
The CEO, an anonymous cryptocurrency investor, told his 536,000 X followers that Dogecoin is headed for a massive rally in 2025. With the help of weekly charts, investors have outlined the upper and lower ranges of previous weekly resistance and support. It happened in previous bull markets.
The same pattern has repeated itself in 2024, with Dogecoin in its final stages before a breakout rally.
Likewise, technical analyst Chandler Bing said that the long-term price range for Memcoin is between $2.35 and $2.60, which is a gain of 683% from the current price. Although that target seemed implausible at the moment, the analyst called it a “conservative target.”
Dogecoin breakout analysis by Chandler Bing. Source: X.com
The analyst emphasized that the target was set based on Dogecoin’s performance compared to Bitcoin and Ethereum in previous bull markets.
Cryptocurrency trader Javon Marks also set a similar price target of around $2.30 based on Fibonacci extension levels. The analyst said:
“History has not changed and points to a fairly high possibility of the price rising above the 1.618 Fib Extension level, as it has done in every cycle before and this time, which would result in a gain of over 570%. Raise it to $2.28+ here!”
Related: BTC Could Rebound in the ‘Coming Days’ as Indicator Signals Increase Buying Pressure.
Is Dogecoin at the bottom?
On December 20, Dogecoin witnessed a surge to $0.262, but the cryptocurrency asset recovered above $0.30 on the same day. Since then, Dogecoin has maintained daily closes above $0.30, but the price has remained below the 50-day EMA level.
Dogecoin 1-day chart. Source: Cointelegraph/TradingView
Historical projections suggest that Dogecoin could bottom as it has already swept key levels of liquidity at $0.32 and $0.34. Earlier this month, Cointelegraph reported that a fractal formation has occurred since January 2024, in which prices fell by 25-30% due to confirmation of a bearish trend.
A similar situation unfolded with DOGE in December 2024, with the cryptocurrency asset hitting bottom after a recent 25% drop.
With the Relative Strength Index (RSI) falling below 30, selling pressure is almost depleted, and any recovery position above $0.35 would push DOGE to higher 2025 highs.
Related: XRP Price Needs to Recover $2.30 to Absorb Buying Barrier — Analyst
This article is written for general information purposes and should not be considered legal or investment advice. The views, thoughts and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.