Dogecoin's price action has cooled off in recent weeks following a breakout above its multi-month resistance level of $0.35 in early November. However, several prominent crypto analysts and investors believe a significant rally is imminent.
CEO Predicts Massive 2025 Rally
An anonymous crypto investor with a substantial following on X (formerly Twitter) has predicted a massive Dogecoin rally in 2025. Using a weekly chart, the investor highlighted a recurring pattern observed in previous bull runs: a range high and range low sweep of previous weekly resistance and support levels. This pattern has repeated in 2024, suggesting Dogecoin is nearing the final stages before a significant breakout.
Analysts Set Ambitious Price Targets
Technical analyst Chandler Bing has set a long-term price target for Dogecoin between $2.35 and $2.60, representing a potential 683% gain from its current price. While seemingly ambitious, Bing emphasizes that this target is "conservative," based on Dogecoin's historical performance relative to Bitcoin and Ethereum during previous bull runs.
Crypto trader Javon Marks has also set a similar price target of around $2.30, derived from Fibonacci extension levels. Marks states, "The history hasn't changed and still points to a fairly high likeliness of a price run to AND ABOVE the 1.618 Fib Extension level as it did every cycle prior to this and this time around, that'd result in a more than 570% increase from here to $2.28+!"
Is a Dogecoin Bottom in?
On December 20th, Dogecoin experienced a flash crash, dipping to $0.262 before recovering above $0.30 within the same day. Since then, DOGE has maintained a daily close above $0.30, although it remains below its 50-day Exponential Moving Average (EMA).
December 2024 saw a similar scenario unfold for Dogecoin, with the cryptocurrency establishing a potential bottom after a recent 25% drop. The Relative Strength Index (RSI) has bottomed below 30, indicating that selling pressure is nearing exhaustion. A reclaim of the $0.35 level could trigger a new high for DOGE in 2025.
December 2024, Cryptoniteuae