Crypto analyst Elalemiami has revealed that the Dogecoin price is about to test the Gaussian channel on the chart. The analyst also mentioned what he expects to happen when DOGE touches the Gaussian band.
Dogecoin Price Could Touch $2.5 As DOGE Tests Gaussian Channel
In a TradingView post, Elalemiami suggested that the Dogecoin price could touch $2.5 as DOGE tests the Gaussian channel. The analyst’s accompanying chart showed that Dogecoin could even reach as high as $3. The crypto analyst also remarked that he expects a rebound to the upside once DOGE tests the Gaussian band.
This Gaussian band is around $0.39, meaning that the Dogecoin price could again lose the $0.4 range. Elalemiami’s accompanying chart showed that Dogecoin witnessed a price rebound when it tested this Gaussian channel in the 2021 bull run. Back then, Dogecoin tested the Gaussian band at $0.0075 and witnessed a parabolic rally to around $0.07.
The Dogecoin price undoubtedly looks promising. Crypto analyst Trader Tardigrade revealed a bull flag on DOGE’s chart, which puts the foremost meme coin at $2.15. In a recent X post, the crypto analyst stated that Dogecoin looks promising, holding above the 1-month exponential moving average (28 EMA) on the daily chart.
Trader Tardigrade’s accompanying chart showed that the Dogecoin price could soon rally to $0.7, as it is holding well above this moving average. Meanwhile, crypto analyst KrissPax also highlighted a bull flag, which could send Dogecoin as high as $0.69 by year-end. This is significant, as it could pave the way for DOGE to reach its all-time high (ATH) at $0.73.
The DOGE Chart Doesn’t Look Good
In an X post, crypto analyst Kevin Capitaloffered a bearish outlook for the Dogecoin price, stating that the DOGE chart does not look very good at the moment. The analyst explained that Dogecoin has had three tops during this consolidation that produced strong selling candles at the macro golden pocket.
Kevin added that the Dogecoin price has also broken down from an upward trend line of support. DOGE is now finding major resistance on the backtest and is threatening to lose the macro 0.5 Fibonacci level. In line with this, the analyst stated that the path of least resistance is definitely down, but it still depends on the Bitcoin price
The Bitcoin price recently reached a new ATH, which presents a bullish outlook for the Dogecoin price. However, Kevin warned that even if Dogecoin breaks up from here, the meme coin will still have major resistance at $0.49 and between $0.53 and $0.60.
At the time of writing, the Dogecoin price is trading at around $0.4, up almost 2% in the last 24 hours, according to data from CoinMarketCap.
