One analyst says $DOGE could rally 5,000% from its current price, based on a Gaussian channel analysis.

Following a 159% rise between Nov. 6 and Nov. 12, Dogecoin ($DOGE ) has exhibited a period of higher-range consolidation.

On Nov. 18, the largest memecoin completed a daily bullish engulfing candle, which welcomed market speculations for its next ascend near its all-time high of $0.73.

With the market turning its attention toward $DOGE again, one particular indicator highlighted its historical probability of undergoing another parabolic rally over the next few weeks.