Since Dogecoin broke through the multi-month resistance of $0.35 in early November, price action has slowed over the past four weeks. While the daily chart remains bullish, the crypto asset lost support at the 50-day EMA level on December 19 and has yet to recover its position above the indicator.

Despite these short-term concerns, one analyst stressed that the long-term target for Dogecoin is still quite high in 2025 if previous bull market performance is taken into account.

With a price target between $2.35 and $2.60, the CEO, an anonymous cryptocurrency investor, told his 536,000 followers on X that Dogecoin is expected to rise significantly in 2025. Using the weekly chart, the investor shows the range highs and range lows of the previous week's resistance and support levels that occurred in the last bull market.

The same pattern repeats itself in 2024, with Dogecoin in the peak phase before a breakout rally.

Similarly, technical analyst Chandler Bing said that the long-term price range for memecoin is between $2.35 and $2.60, which is another 683 percent increase from the current price. While that may seem far-fetched at the moment, analysts say it's a conservative target.

The analyst emphasized that the target was set based on Dogecoin's performance relative to Bitcoin and Ethereum during previous bull markets. Cryptocurrency trader Javon Marks has set a similar price target of around $2.30, based on its Fibonacci extension level. The analyst said,

History has not changed and still indicates that there is a good chance that the price will rise above the 1.618 Fibonacci extension level, as it has in every previous cycle, and this time, that would cause the price to rise more than 570% from here to above $2.28!

Has Dogecoin hit bottom? On December 20, Dogecoin plummeted to $0.262, but recovered to more than $0.30 on the same day. Since then, Dogecoin has maintained its daily closing price above $0.30, but the price is still below the 50-day moving average.

Based on the historical outlook, Dogecoin may have bottomed as it has shown a liquidity sweep against the key levels of $0.32 and $0.34. Earlier this month, Cointelegraph reported on the fractal shape for January 2024, in which bearish swallow confirmation dragged prices down by 25-30%.

In December 2024, a similar situation occurred with DOGE, where the crypto asset is bottoming out after a recent 25% drop.

With the Relative Strength Index (RSI) below 30 and selling pressure near exhaustion, a return to a position above $0.35 would trigger a higher high for DOGE in 2025.