Dogecoin prices drop it may end soon, according to a little-known but crucial indicator called the Gaussian Channel (GC). As recently noted by a cryptocurrency analyst known as Trader Tardigrade, the Gauss channel recently flashed green on the weekly DOGE chart, suggesting that the cryptocurrency may rally in the next wave.
Gaussian DOGE channel flashes stubborn green
Unlike the Gaussian Channel, the Gaussian Channel is a relatively lesser-known technical indicator among cryptocurrency experts other known technical indicators such as moving averages, RSI and MACD. The Gaussian channel plots two curves derived from a normal distribution to identify areas where price reaches extremely high or low levels compared to the recent range. Interestingly, DOGE price is known to react positively as soon as it reaches the green zone of this lesser-known but powerful tool.
According to the weekly DOGE chart shared on social media platform X by Trader Tardigrade analyst, the recent price action has seen the cryptocurrency hit the green zone of the Gauss Channel. This is a very bullish development that may signal the inevitability of a significant upward move. “When time passes, the price of #Dogecoin will increase tremendously,” the analyst said.
A more in-depth analysis of the chart reveals two previous instances where Trader Tardigrade identified similar patterns for Dogecoin and the Gaussian Channel. The Gauss Channel first turned green in 2016, allowing DOGE to embark on a multi-year journey that saw it set multiple all-time records in 2018. A similar trend occurred in 2021 and 2022, with DOGE rising astronomically to reach an all-time high.
How high can this push Dogecoin’s price up?
Of course, no one can predict exact price targets. However, if history is to repeat itself, DOGE is expected to show bullish performance over the next few years. According to the analyst, the potential upside could see DOGE break its current all-time high and enter recent price territory. His most sanguine forecast is for Dogecoin to exceed $0.73 this year introduction of 1 dollar by 2025. Trader Tardigrade saw a final price target well above $6.50, representing an upside of over 5,100% from the current price level.
Given DOGE’s current price action, this is an extremely bullish price target may seem unreal for some of the best meme coin enthusiasts. At the time of writing, DOGE is trading at $0.1235 and is down 9.44% over the last seven days amid the broader market decline. There are multiple levels of price resistance that need to be overcome before investors can be confident in DOGE’s growth.
According to IntoTheBlock data, DOGE whales were reducing their shares In the past year. As a result of this sell-off, their collective holdings have fallen from 45.3% a year ago to about 31% today.
Featured image created with Dall.E, chart from Tradingview.com
