As a seasoned researcher with over a decade of experience in the crypto market, I have seen my fair share of bull runs and bear markets. In the case of Dogecoin (DOGE), the current analysis from various analysts paints an intriguing picture.
Cryptocurrency expert Elalemiami predicts that the value of Dogecoin may soon encounter the Gaussian line on its graph. He’s also shared his thoughts on potential outcomes once Dogecoin reaches the Gaussian boundary.
Dogecoin Price Could Touch $2.5 As DOGE Tests Gaussian Channel
In a recent TradingView post, Elalemiami posited that the price of Dogecoin might rise to around $2.5, with potential for even higher values as Dogecoin approaches its Gaussian channel. The analyst’s included chart suggests that Dogecoin could potentially climb up to $3. Moreover, the crypto expert anticipates a bullish trend once Dogecoin tests its Gaussian band, implying an upward price movement.
The Gaussian band is currently at approximately $0.39, indicating that Dogecoin’s price might once more fall below the $0.4 level. Elalemiami’s accompanying chart demonstrates that during the 2021 bull run, Dogecoin experienced a price surge when it encountered this Gaussian channel. Previously, Dogecoin tested the Gaussian band at around $0.0075 and then experienced a significant upward trend, reaching approximately $0.07.
It appears that the price of Dogecoin is looking quite optimistic according to crypto analyst Trader Tardigrade. On its chart, a bull flag has been identified, which positions Dogecoin at around $2.15. In a recent post, this analyst expressed confidence in Dogecoin, suggesting it’s holding steadily above the 1-month exponential moving average (28 EMA) on the daily graph.
According to Trader Tardigrade’s chart analysis, the price of Dogecoin might surge towards $0.7 in the near future, since it’s currently maintaining a strong position above this moving average. Additionally, crypto analyst KrissPax pointed out a bullish pattern called a ‘bull flag’, which could propel Dogecoin up to approximately $0.69 by the end of the year. This is noteworthy because it might help Dogecoin reach its previous record high ($0.73).
The DOGE Chart Doesn’t Look Good
In a recent post on X, crypto expert Kevin Capital expressed pessimism about Dogecoin’s price, noting that its current chart doesn’t appear promising. He elaborated that Dogecoin has seen three peaks during this period of consolidation, which have resulted in significant selling activity at critical points in the broader market trend.
Kevin mentioned that the price of Dogecoin has fallen below a previous trend line of support, indicating a potential bearish trend. Currently, Dogecoin is facing significant resistance and there’s a possibility it might drop below the 0.5 Fibonacci level. The analyst suggested that the most likely direction for Dogecoin is downward, but its movement still relies on Bitcoin‘s price.
The Bitcoin price recently reached a new ATH, which presents a bullish outlook for the Dogecoin price. However, Kevin warned that even if Dogecoin breaks up from here, the meme coin will still have major resistance at $0.49 and between $0.53 and $0.60.
Currently, as I’m typing this, the value of Dogecoin is approximately $0.4, and it has increased nearly 2% over the past 24 hours, based on information from CoinMarketCap.
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2024-12-16 16:43