Is Dogecoin going to skyrocket? Analysts say the increase could be as high as 50 times!
Hey, everyone, have you heard? An analyst used the Gaussian channel to analyze Dogecoin (DOGE) and said it might surge in the future, with an increase of up to 5000%!
Is Dogecoin about to welcome a new wave of rising momentum? Let's take a look.
From November 6 to 12, Dogecoin surged by 159%, and the current price seems stable, as if it's gathering strength.
Especially on November 18, the K-line chart for Dogecoin showed a bullish engulfing pattern, and many people are hoping it can quickly reach the historical high of $0.73.
An analyst named Trader Tardigrade said that Dogecoin is currently repeating its previous price trends through the Gaussian channel tool. The Gaussian channel is used to analyze price trends and determines direction based on market capital flow.
This is already the third time Dogecoin has received support from the middle line of the Gaussian channel, and each time this happens, it tends to rise significantly afterward. Another trader, Javion Marks, also predicts that Dogecoin can reach the high point of $0.73 again. He mentioned that every time Dogecoin surges, the movement is quite similar, so this time might be the same.
Some people are asking if Dogecoin can rise to $3 to $5. Some analysts say that by 2025, not only could Dogecoin surpass $1, but it might also have the chance to hit $3 to $5.
However, before each major surge, Dogecoin tends to encounter some pressure near the high point, so it might stabilize around $0.73 first.
There’s also good news; according to Santiment's data, wallet activity for Dogecoin has recently decreased, which could be a good thing. When retail investors get scared, they tend to sell off, and these sold Dogecoins might be bought up by large holders for long-term holding.
Technical indicators and large funds are quite optimistic about Dogecoin. Is it about to experience a new bull market? Let’s wait and see if it can achieve the target of $3 to $5!
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