A dogecoin (DOGE) analyst now predicts a projected price of $11, fueled by indicators from the Gaussian Channel and the Symmetrical Triangle pattern that indicate a significant price increase.

Dogecoin is once again in the spotlight as analysts predict a significant price increase as the coin is in a Gaussian channel and symmetrical triangle pattern.

Dogecoin has seen significant growth recently, rising 177% from $0.1582 on November 5 to a three-year high of $0.4385 on November 12.

Despite the slight drop, DOGE remains above $0.37 and market experts predict further price increases.

Three major analysts—Trader Tardigrade, Crypto Yapper, and Bark—have highlighted important patterns that suggest Dogecoin could be on the verge of a major breakout.

Dogecoin in Gaussian Channel

Trader Tardigrade shared a chart showing Dogecoin’s weekly performance within a Gaussian channel, alternating between bullish and bearish phases, marking significant support and resistance levels.

DOGE is currently in the middle of this channel, a position it has only reached a few times before.

Historical data shows that when Dogecoin interacts with this mid-range, it often results in significant price increases.

For example, in early 2017, DOGE found support at this level and skyrocketed from around $0.0002 to over $0.0187 in December 2018—a staggering 93-fold increase in less than a year.

A similar situation occurred in late 2020, when DOGE surged as much as 36,850% after finding support at the mid-range.

Now, in 2024, DOGE is retesting this important zone, trading at $0.3752.

If history is any guide, Tardigrade predicts a potential “incredible rally,” potentially pushing prices to $11 — a 2,852% increase from current levels, though still below the strong gains in 2020 and 2021.

Symmetrical triangle pattern

On a shorter time frame, Crypto Yapper analyzed the one-hour chart which shows a symmetrical triangle pattern forming after DOGE peaked at $0.4385 earlier this month.

He believes that a breakout could happen immediately, leading to a significant price increase.

If DOGE clears the $0.4385 resistance, targets could include $0.50 and $0.55, both of which are considered important psychological levels.

To support this view, Bark analyzed a similar symmetrical triangle on the four-hour chart, suggesting greater breakout potential.

He described the anticipated breakout as potentially “historic,” noting that with DOGE holding above the $0.35 support level, there appears to be little resistance to a move towards $0.50 or higher.