Dogecoin (DOGE) Price Could Surge Incredibly Soon, According to This Indicator

The Dogecoin price slump might be over very soon, according to a little-known but important indicator called the Gaussian Channel (GC).

A little-known technical indicator is suggesting that Dogecoin (CRYPTO: DOGE) might be poised for another bullish run.

Trader Tardigrade, a crypto analyst known pseudonymously on social media, recently pointed out that the Gaussian Channel recently turned green on DOGE’s weekly chart.

According to the analyst, this technical indicator suggests that the next move for DOGE is up, and it could be a very strong move.

What Is The Gaussian Channel?

The Gaussian Channel is a technical indicator that is not as well-known as other indicators like moving averages, RSI, or MACD.

This indicator plots two curves that are derived from the normal distribution to identify areas where the price is trading at extreme highs or lows relative to its recent range.

According to Trader Tardigrade, the price of DOGE has reacted positively whenever it trades in the green zone of this indicator.

A DOGE weekly chart shared on social media platform X by the analyst shows that recent price action has seen the cryptocurrency hit the green zone of the Gaussian Channel.

This technical indicator is suggesting that the next move for DOGE is up, and it could be a very strong move.

“When the time is up, #Dogecoin will surge incredibly,” Trader Tardigrade said.

A closer look at the chart shows that Trader Tardigrade identified similar patterns for DOGE and the Gaussian Channel on two earlier occasions.

The first time the Gaussian Channel turned green was in 2016, which began a multi-year bullish period for DOGE that saw it set multiple all-time highs by 2018.

A similar pattern played out in 2021 and 2022, which saw DOGE rally astronomically to reach its current all-time high.

Now, a third instance of this pattern has occurred, which could indicate another massive rally on the horizon for DOGE.

According to the analyst, this potential surge could see DOGE break past its current all-time high and continue to new price highs.

The analyst's most bullish price target has DOGE breaking past $0.73 this year and continuing to $1 by 2025. Trader Tardigrade also shared a final price target of over $6.5, which would mark an increase of over 5,100% from the current price level.

This ultra-bullish price target may seem unrealistic to some meme coin enthusiasts, especially given the current DOGE price action.

At the time of writing, DOGE trades at $0.1235, down 9.44% over the past seven days amid a broader market decline.

There are several price resistance levels that must be broken before investors can be confident in a DOGE rally.

According to IntoTheBlock, DOGE whales have been reducing their holdings in the past year. This selloff has seen their collective holdings drop from 45.3% a year ago to about 31% today.

News source：https://www.kdj.com/cryptocurrencies-news/articles/dogecoin-doge-price-surge-incredibly-indicator.html

The above is the detailed content of Dogecoin (DOGE) Price Could Surge Incredibly Soon, According to This Indicator. For more information, please follow other related articles on the PHP Chinese website!