Going back to December 2024, the price of Dogecoin entered the Gaussian Channel after a significant price drop when Bitcoin faced multiple crashes. However, although this entry was triggered by bearish forces, Dogecoin's entry into the Gaussian Channel is bullish and shows a rapid recovery trend after the drop. This is because the Gaussian Channel can act as a rebound point that could allow DOGE to surge to a new all-time high.
Dogecoin Gaussian Channel flashes green
In recent weeks, the price of Dogecoin has been trending in the Gaussian Channel, showing evidence of bullishness but not completing 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 occurred on the 4-hour chart. This development indicates the potential 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 the price of Dogecoin from here is aimed at $0.50, where the largest current resistance to the price of DOGE is due to recent peaks. 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 $1.40, an increase of over 200% from the current price. This target aligns with the analyst's previous predictions about DOGE, stating that this leading meme coin will soon reach a new all-time high.
Analysts optimistic about DOGE price
Despite the crash that shook the price of Dogecoin 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 used historical data to support his prediction, showing that DOGE has a history of strong surges. Primarily, these surges occur in a 4-year cycle, and with the most recent major surge happening in 2021, this means that 2025 is the next year in the 4-year cycle. If this is correct, 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 set the timeline 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 the all-time high of $0.7376 recorded in May 2021.