Dogecoin (DOGE) Price Analysis: Bullish Outlook for 2024, Target Price Between $2.35 and $2.60
Click on the avatar to watch the live stream and chat!
Recent Price Trends of Dogecoin
Since breaking the resistance level of $0.35 at the beginning of November, Dogecoin (DOGE) showed potential for an upward trend, but the momentum has slowed in the past four weeks. Although the daily chart shows bullish signals, on December 19, Dogecoin lost support from the 50-day EMA, and the price has not yet recovered above this indicator.
Fractal Analysis: Long-term Targets Remain High
Despite facing pressure from short-term pullbacks, analysts believe Dogecoin still possesses upward potential in the long term, especially in 2025. An anonymous cryptocurrency investor stated that based on weekly charts and historical bull market performance, Dogecoin's target price is between $2.35 and $2.60, representing a potential increase of 683%. He pointed out that this target is based on Dogecoin's performance relative to Bitcoin and Ethereum during past bull markets and is considered a 'conservative target.'
Technical Analysis: Potential Breakout Rebound
According to technical analyst Chandler Bing, Dogecoin is in the final stage before a breakout rebound. Another analyst, Javon Marks, indicated that based on Fibonacci extension levels, Dogecoin could potentially rise to around $2.30. This target price is also based on the cyclical patterns of Dogecoin's historical performance, indicating a possible increase of 570% in future rebounds.
Bottoming Rebound: History and Current Situation
On December 20, Dogecoin briefly dropped to $0.262 but quickly rebounded above $0.30. Since then, DOGE has maintained a daily closing price above $0.30, despite still being below the 50-day moving average level. Historical trends suggest that Dogecoin may have bottomed out, especially as it has shown support at the key levels of $0.32 and $0.34.
Conclusion: New Highs May Come in 2025
Based on historical and current technical signals, Dogecoin may have bottomed out. With the Relative Strength Index (RSI) falling below 30 and selling pressure nearing exhaustion, DOGE is expected to return above $0.35 and reach new historical highs in 2025.
Click on the avatar to watch the live stream and chat!
