As a seasoned analyst with over two decades of experience in the financial markets under my belt, I have seen countless bull and bear cycles unfold before my eyes. The recent price action of Dogecoin (DOGE) has piqued my interest, as it seems to be following a familiar pattern that I’ve witnessed in numerous assets throughout my career.
Over the last month, the pace at which Dogecoin (DOGE) prices have changed has decreased noticeably following its breakthrough beyond the significant resistance barrier of $0.35 that was set back in early November.
Although the overall trend continues to be positive on the daily graph, the crypto asset failed to hold its ground above the 50-day Moving Average (EMA) on December 19 and hasn’t regained that level as of now.
Although there are some immediate worries, it was pointed out by an expert that Dogecoin’s long-term goal could potentially be quite substantial in the year 2025, if we take into account its past bull market trends.
Dogecoin target lies between $2.35 to $2.60
The unidentified crypto investor with over half a million followers on platform X predicted that Dogecoin could experience a significant surge in 2025. Using a weekly chart, he demonstrated the trajectory of past resistance and support levels from the previous bull market.
For the past 2024 years, we’ve seen a similar sequence of events, and it seems that Dogecoin is on the verge of a significant surge in value.
Much like Chandler Bing, a technical expert, expressed that the estimated long-term value for the memecoin lies between $2.35 and $2.60. This potential increase equates to approximately 683% from its current price. Although this goal may appear ambitious at present, he described it as a “modest forecast.
The analyst highlighted that the objective was established by considering how Dogecoin compared to Bitcoin and Ethereum during past market upswings.
According to the analysis by crypto trader Javon Marks, he predicts a potential price point of approximately $2.30. This forecast is derived from the Fibonacci extension ratios in the asset’s price movement history.
“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 sudden drop to $0.262, but it bounced back and stayed above $0.30 within the same day. Since then, Dogecoin has consistently closed each day above $0.30, however, its price is still below its 50-day moving average line.
Looking at its historical trend, it’s possible that Dogecoin has reached a low point due to its significant drop at the levels of $0.32 and $0.34. Notably, CryptoMoon recently identified a fractal pattern from January 2024, which showed a bearish engulfing confirmation, causing prices to fall around 25-30%.
By December 2024, Dogecoin (DOGE) experienced a pattern similar to what we’ve seen before, as the cryptocurrency appeared to be finding its base following a 25% fall in value.
As the Relative Strength Index (RSI) dips beneath 30, indicating reduced selling activity, it’s possible that this downward trend may soon run out of steam. If Dogecoin (DOGE) manages to regain a position above $0.35, it could potentially mark a new high for the cryptocurrency in the year 2025.
As a seasoned investor with years of experience under my belt, I feel compelled to clarify that this article is meant for general information purposes only and should not be construed as legal or investment advice. My personal views, thoughts, and opinions expressed in this piece do not necessarily reflect or represent the views and opinions of CryptoMoon. It’s essential to remember that everyone’s financial situation is unique, and what works for one may not work for another. Always consult a professional before making any investment decisions.
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2024-12-27 23:09