Cryptocurrency analyst Elalemiami 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 range.
Dogecoin Price Could Reach $2.5 as DOGE Tests Gaussian Channel
In a post on TradingView, Elalemiami suggested that Dogecoin price could reach $2.5 as DOGE tests the Gaussian channel. The analyst’s accompanying chart showed that Dogecoin could reach $3. The crypto analyst also noted that he expects a rally to the upside once DOGE tests the Gaussian range.
This Gaussian range is around $0.39, which means that Dogecoin price may lose the $0.4 range again. Elalemiami’s accompanying chart shows that Dogecoin saw a price rebound when it tested this Gaussian channel during the 2021 bull run. At that time, Dogecoin tested the Gaussian range at $0.0075 and saw a parabolic rise to around $0.07.
Dogecoin price is certainly looking promising. Cryptocurrency analyst Trader Tardigrade has spotted a bullish sign on the DOGE chart, putting the most popular coin at $2.15. In a recent X post, the cryptocurrency analyst noted that Dogecoin is looking promising, as it remains above the 1-month exponential moving average (28 EMA) on the daily chart.
TradingView
The accompanying chart by trader Tardigrade shows that Dogecoin’s price could soon rise to $0.7 as it holds steady above this moving average. Meanwhile, crypto analyst KrissPax also highlighted a bullish flag, which could send Dogecoin as high as $0.69 by the end of the year. This is important, as it could pave the way for DOGE to reach its all-time high.
DOGE chart doesn't look good
In a post on X, crypto analyst Kevin Capital made a bearish prediction for Dogecoin’s price, noting that the DOGE chart is not looking good at the moment. The analyst explained that Dogecoin had three tops during this consolidation, which resulted in strong sell candles in the overall golden pocket.
Kevin added that Dogecoin price has also broken down from the uptrend support line. Dogecoin is now finding significant resistance in the backtest and is threatening to miss the 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.
Bitcoin price recently hit a new record high, which is a bullish outlook for Dogecoin price. However, Kevin warned that even if Dogecoin breaks from here, the meme coin will still face significant resistance at $0.49 and between $0.53 and $0.60.
At the time of writing, Dogecoin is trading at around $0.4, up nearly 2% in the past 24 hours, according to data from CoinMarketCap.
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