Unknown But Valuable Dogecoin Index Goes Up, How Much Higher Could It Drive The Price?

The price of Dogecoin has dropped it may end soon, according to a little-known but important parameter called the Gaussian Channel (GC). As recently noted by crypto analyst Trader Tardigrade, the Gaussian Channel has recently lit up green on the DOGE weekly chart, suggesting that the crypto may move higher in the next wave.

DOGE’s Gaussian Channel is Glowing Bullish Green

The Gaussian channel is a technical indicator that is less known among crypto experts, unlike this one some popular technical indicators such as moving averages, RSI, and MACD. The Gaussian channel plots two curves based on a normal distribution to identify areas where the price is trading higher or lower relative to its recent range. Interestingly, the price of DOGE is known to react well whenever it hits the green of this little-known but powerful tool.

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According to the DOGE weekly chart shared on social media X by analyst Trader Tardigrade, the recent price action has seen the cryptocurrency hit the green area of ​​the Gaussian Channel. This is a very bullish development that could indicate that a major move is imminent. “When the time is up, #Dogecoin will rise dramatically,” said the analyst.

A closer examination of the chart reveals two previous instances where 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 run, which saw it set a record high in 2018. A similar pattern occurred in 2021 and 2022, which saw the DOGE progress astrologically. the highest current value.

How High Can It Drive the Price of Dogecoin?

Of course, no one can predict the exact price target. However, if history is to repeat itself, DOGE is expected to show bullish action in the next few years. According to the analyst, a potential rise could see DOGE break through the current highs into a new price zone. His most optimistic view is that Dogecoin breaks $0.73 this year again it goes to $1 by 2025. Trader Tardigrade noted the final target price above $6.5, which represents an increase of more than 5,100% from the current price level.

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Considering the current price action of DOGE, this price target is ultra-bullish it may seem absurd for some of the best meme character lovers. 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 many levels of price resistance to overcome before investors are convinced of the DOGE rally.

According to data from IntoTheBlock, DOGE whales have become reduce their level in the past year. These sales have reduced their share from 45.3% a year ago to about 31% today.

The featured image was created with Dall.E, a chart from Tradingview.com