Little-Known But Important Dogecoin Indicator Goes Off, How High Can It Drive Price?
June 22 2024 - 5:00PM
NEWSBTC
The Dogecoin price slump might be over very soon, according to a
little-known but important indicator called the Gaussian Channel
(GC). As recently noted by a crypto analyst known pseudonymously as
Trader Tardigrade, the Gaussian Channel recently flashed green on
the DOGE weekly chart, suggesting the crypto could surge to the
upside for the next wave. DOGE’s Gaussian Channel Flashes Bullish
Green The Gaussian Channel is a comparatively less well-known
technical indicator among crypto experts, in contrast to other
famous technical indicators such as moving averages, RSI, and MACD.
The Gaussian Channel plots two curves derived from normal
distribution to identify areas where the price is trading at
extreme highs or lows relative to its recent range. Interestingly,
the price of DOGE has been known to react positively whenever it
reaches the green zone of this lesser-known but powerful tool.
Related Reading: Shiba Inu Whale Withdraws 2.2 Billion SHIB From
Robinhood, Should You Follow The Whales? According to a DOGE weekly
chart shared on social media platform X by analyst Trader
Tardigrade, recent price action has seen the cryptocurrency hitting
the green zone of the Gaussian Channel. This is a very bullish
development that could signal a major move higher is
imminent. “When the time is up, #Dogecoin will surge
incredibly,” the analyst said. A more in-depth examination of the
chart reveals two earlier instances in which Trader Tardigrade
identified similar patterns for Dogecoin and the Gaussian Channel.
The first time the Gaussian Channel turned green was in 2016,
allowing DOGE to go on a multi-year journey, which saw it setting
multiple all-time highs in 2018. A similar pattern occurred in 2021
and 2022, which saw DOGE surging astronomically to peak at its
current all-time high. How High Can It Drive Dogecoin Price? Of
course, no one can predict exact price targets. However, if history
is to repeat itself, DOGE is expected to exhibit bullish action for
the next few years. According to the analyst, a potential surge
could see DOGE break past its current all-time high into new price
territory. His most optimistic outlook has Dogecoin breaking past
its $0.73 this year and entering $1 by 2025. Trader Tardigrade
noted a final price target well above $6.5, representing an
increase of over 5,100% from the current price level. Related
Reading: Bitcoin Spot ETFs Effect: Bernstein Analysts Revise BTC
Target To $200,000, Here’s When Considering the current DOGE price
action, this ultra-bullish price target might seem unrealistic to
some of the best meme coin enthusiasts. At the time of writing,
DOGE is trading at $0.1235 and is down by 9.44% in the past seven
days amidst a broader market decline. There are many price
resistance levels to overcome before investors can be confident of
a DOGE rally. According to data from IntoTheBlock, DOGE whales have
been reducing their holdings in the past year. This selloff has
seen their collective holdings drop from 45.3% from a year ago to
about 31% today. Featured image created with Dall.E, chart
from Tradingview.com
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