Back in December 2024, the price of Dogecoin entered the Gaussian Channel after a sharp decline when Bitcoin experienced several crashes. However, even though this entry was triggered by bearish forces, Dogecoin's entry into the Gaussian Channel is bullish and indicates a rapid recovery trend after the decline. This is because the Gaussian Channel can act as a rebound point to potentially propel DOGE to new all-time highs.
The Dogecoin Gaussian Channel flashes green
In recent weeks, the price of Dogecoin has been trending within the Gaussian Channel, showing evidence of bullishness but has not completed the move. However, this is beginning to change as for the first time, the Dogecoin Gaussian Channel has turned green.
According to cryptocurrency analyst Trader Tardigrade, the Dogecoin Gaussian Channel has recently flashed green, and this has happened on the 4-hour chart. This development indicates the possibility of a breakout of the channel that has existed for the past three weeks. It also signals the beginning of a bullish move that could push the price above the coveted $1 level.
The initial target for Dogecoin's price from here is aimed at $0.5, where the current greatest resistance for DOGE's price is due to the recent peak. Once the resistance level is surpassed, the analyst's chart indicates that strong continuation could push the price even further.
The peak of the breakout is the target of $1.4, an increase of over 200% from the current price. This target aligns with the analyst's previous prediction about DOGE, stating that this top meme coin will soon reach a new all-time high.
Analysts are optimistic about the price of DOGE
Despite the crash that shook Dogecoin's price in December 2024, cryptocurrency analysts remain quite optimistic about this meme coin. Cryptocurrency analyst Dima James shared in December that the price of Dogecoin could reach double digits in this cycle.
James has used historical data to validate his prediction, showing that DOGE has a history of strong spikes. Primarily, these spikes occur in a 4-year cycle, and with the last major spike happening in 2021, it means that 2025 is the next year in the 4-year cycle. If this is true, then the price of DOGE could reach a new all-time high in the first quarter of 2025.
In another analysis reported by NewsBTC, a cryptocurrency analyst predicted that the price of DOGE could rise as high as $5, forecasting a 1,500% increase for this meme coin. This time, the analyst places the timeframe around mid-March to April, with only a few months for this prediction to come true.
At the time of writing, Dogecoin is trading at $0.383, down 48% from its all-time high of $0.7376 recorded in May 2021.
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