Dogecoin (DOGE) just experienced a 159% price surge between Nov. 6 and Nov. 12, and is now in a consolidation phase. 📈 On Nov. 18, DOGE completed a daily bullish engulfing candle, which led to market speculation about a possible rally towards its all-time high of $0.73. 🚀
Now, the market’s attention is back on DOGE, and there are indicators that point to a possible parabolic rally in the coming weeks. 📊 Trader Tardigrade notes that Dogecoin is following a historical price pattern based on Gaussian channels, which help traders see upper and lower price channels. 📉
From his analysis, DOGE is getting support from the mid-band line of the Gaussian channel for the third time. If history repeats itself, DOGE could experience a massive “PUMP”! 💥 Independent trader Javion Marks also believes that DOGE will almost certainly retest its previous all-time high of $9.73. 🔥 He sees similarities between the parabolic surges in 2016, 2021, and 2024.
There are predictions that DOGE could rise between $3 and $5 by 2025, based on the law of diminishing returns. 📈 While DOGE may face some resistance below its previous all-time high, it is possible that it will slowly rise above $0.73 before experiencing a rapid price surge. ⚡
On the other hand, DOGE wallet activity has dropped in the past day, which could actually be a bullish sign. 🐳 Santiment, a data analytics platform, notes that a decrease in wallet count is often a sign of FUD and capitulation from novice traders, which usually benefits the coin’s price as the liquidated coins are likely bought by whales who are holding for the long term. 💪
Remember, this article is not investment advice, and it is important to do your research before making any decisions. 🧐
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