Dogecoin price falling It may end very soonAccording to a little-known but important indicator called Gaussian Channel (GC). As recently pointed out by a cryptocurrency analyst known as Trader Tardigrade, the Gaussian channel has recently been flashing green on the DOGE weekly chart, indicating that the cryptocurrency may rally to the upside for the next wave.
DOGE's Gaussian channel is flashing bullish green
The Gaussian channel is a relatively less well-known technical indicator among cryptocurrency experts, unlike… And other famous technical indicators Such as moving averages, RSI and MACD. A Gaussian channel plots two curves derived from a normal distribution to identify areas where the price is trading at the highest or lowest levels relative to its recent range. Interestingly, DOGE price is known to react positively when it reaches the green zone for this lesser-known but powerful instrument.
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According to the weekly DOGE chart shared on social media platform This is a very bullish development and may indicate that a major move higher is imminent. “When the time comes, #Dogecoin will go incredibly high,” the analyst said.
A more in-depth examination of the chart reveals two previous instances in which Trader Tardigrade identified similar patterns to Dogecoin and the Gaussian Channel. The first time the Gaussian channel turned green was in 2016, allowing DOGE to go on a multi-year ride, which saw it post several all-time highs in 2018. A similar pattern occurred in 2021 and 2022, where DOGE saw an astronomical rise to peak at its current all-time highs.
How high is the price of Dogecoin?
Of course, no one can predict the exact target price. However, if history repeats itself, DOGE is expected to show upward movement over the next few years. According to the analyst, a potential rally could see DOGE surpass its current all-time highs into a new price territory. His most optimistic forecast is that Dogecoin surpasses $0.73 this year and $1 entry by 2025. Trader Tardigrade has indicated a final price target well above $6.5, which represents an upside of more than 5,100% from the current price level.
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Given DOGE's current price action, this price target is very bullish It may seem unrealistic For some of the best coin enthusiasts meme. At the time of writing, DOGE is trading at $0.1235 and is down 9.44% in the past seven days amid a broader market decline. There are several levels of price resistance that need to be overcome before investors can trust DOGE's rise.
According to data from IntoTheBlock, whales were DOGE Reducing their possessions in the last year. This sale has seen their collective holdings fall from 45.3% compared to last year to about 31% today.
Featured image created with Dall.E, chart from Tradingview.com