The Dogecoin price slump could be over very soon, in response to a little-known but vital indicator called the Gaussian Channel (GC). As recently noted by a crypto analyst known pseudonymously as Trader Tardigrade, the Gaussian Channel recently flashed green on the DOGE weekly chart, suggesting the crypto could surge to the upside for the subsequent wave.
DOGE’s Gaussian Channel Flashes Bullish Green
The Gaussian Channel is a relatively less well-known technical indicator amongst crypto experts, in contrast to other famous technical indicators comparable to moving averages, RSI, and MACD. The Gaussian Channel plots two curves derived from normal distribution to discover areas where the worth is trading at extreme highs or lows relative to its recent range. Interestingly, the worth of DOGE has been known to react positively at any time when it reaches the green zone of this lesser-known but powerful tool.
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In response to a DOGE weekly chart shared on social media platform X by analyst Trader Tardigrade, recent price motion has seen the cryptocurrency hitting the green zone of the Gaussian Channel. This can be a very bullish development that might signal a serious move higher is imminent. “When the time is up, #Dogecoin will surge incredibly,” the analyst said.
A more in-depth examination of the chart reveals two earlier instances through which Trader Tardigrade identified similar patterns for Dogecoin and the Gaussian Channel. The primary time the Gaussian Channel turned green was in 2016, allowing DOGE to go on a multi-year journey, which saw it setting multiple all-time highs in 2018. An analogous pattern occurred in 2021 and 2022, which saw DOGE surging astronomically to peak at its current all-time high.
How High Can It Drive Dogecoin Price?
After all, nobody can predict exact price targets. Nonetheless, if history is to repeat itself, DOGE is anticipated to exhibit bullish motion for the subsequent few years. In response to the analyst, a possible surge could see DOGE break past its current all-time high into recent price territory. His most optimistic outlook has Dogecoin breaking past its $0.73 this yr and entering $1 by 2025. Trader Tardigrade noted a final price goal well above $6.5, representing a rise of over 5,100% from the present price level.
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Considering the present DOGE price motion, this ultra-bullish price goal may appear unrealistic to a few of one of the best meme coin enthusiasts. On the time of writing, DOGE is trading at $0.1235 and is down by 9.44% up to now seven days amidst a broader market decline. There are lots of price resistance levels to beat before investors could be confident of a DOGE rally.
In response to data from IntoTheBlock, DOGE whales have been reducing their holdings up to now yr. This selloff has seen their collective holdings drop from 45.3% from a yr ago to about 31% today.
DOGE price falls below $0.13 | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com