As an experienced crypto analyst with a keen eye for technical indicators, I find the recent development in Dogecoin (DOGE) rather intriguing. The Gaussian Channel (GC), a lesser-known yet powerful tool, has recently flashed green on DOGE’s weekly chart, indicating potential bullish action. This bullish signal comes from the price of DOGE hitting the green zone of the GC, which historically has led to significant price increases for this meme coin.
According to an unrecognized yet significant indicator called the Gaussian Channel (GC), the downturn in Dogecoin‘s price may come to an end shortly. As mentioned by a cryptocurrency analyst under the pseudonym Trader Tardigrade, this technical signal has recently turned green on Dogecoin’s weekly chart, implying that the crypto could experience another upward wave.
DOGE’s Gaussian Channel Flashes Bullish Green
The Gaussian Channel is a less commonly used technical analysis tool among crypto experts compared to indicators like moving averages, RSI, and MACD. This tool generates two curves based on normal distribution to highlight price levels that are significantly higher or lower than the recent trading range. Notably, DOGE‘s price has shown positive reactions when it hovers in the green zone of this underappreciated yet potent indicator.
Based on the analysis of trader Tardigrade, who shared a DOGE weekly chart on social media platform X, the cryptocurrency has recently entered the positive zone of its Gaussian Channel. This bullish indicator could indicate that a significant price increase is imminent for Dogecoin. According to Tardigrade’s prediction, “when the time is right, #Dogecoin will experience a substantial upward surge.”
An intensive analysis of the graph uncovers two prior occurrences where Trader Tardigrade detected comparable trends for Dogecoin and the Gaussian Channel. In the first instance, the Gaussian Channel switched to green in 2016, paving the way for DOGE‘s extended run during which it set numerous record highs in 2018. A similar occurrence took place in 2021 and 2022, resulting in Dogecoin experiencing a remarkable surge, reaching its current all-time peak.
How High Can It Drive Dogecoin Price?
As a researcher studying the Dogecoin market, I cannot definitively set price targets. However, based on historical trends, there’s a strong possibility that DOGE will exhibit bullish behavior for the coming years. Analysts anticipate that DOGE could surge past its current all-time high and reach new price heights. One optimistic prediction suggests that Dogecoin may exceed $0.73 in 2021, and potentially enter the $1 range by 2025. Trader Tardigrade has even set a more ambitious target, predicting a final price of over $6.5 – which represents an increase of over 5,100% from its current price level.
Based on the present DOGE market trends, some dedicated Dogecoin supporters might find the extremely optimistic price prediction implausible. At the moment, DOGE is transacting at $0.1235 and has dropped by 9.44% over the last week due to a general market downturn. Numerous resistance levels need to be surmounted before investors can feel assured of an uptrend in DOGE.
Based on information from IntoTheBlock, the proportion of DOGE held by large investors (whales) has decreased significantly over the past year. Their collective ownership has dropped from approximately 45.3% a year ago to roughly 31% currently.
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2024-06-23 00:04