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In December 2024, Dogecoin price entered the Gaussian channel following a sharp drop in price when Bitcoin suffered multiple crashes. However, although the entry was triggered by bearish forces, Dogecoin’s entry into the Gaussian Channel was bullish and showed a tendency to quickly recover from declines. This is because the Gaussian channel can act as a rebound point to possibly cause DOGE to rise towards new all-time highs.
Dogecoin Gaussian Channel Blinks Green
Over the past few weeks, Dogecoin price has been trending in the Gaussian channel, showing evidence of optimism but not completing the move. However, this is starting to change as, for the first time, Dogecoin’s Gaussian channel has turned green.
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According to crypto analyst Trader Tardigrade, Dogecoin’s Gaussian channel recently flashed greenand this happened on the 4 hour chart. This development points to a possible breakout of the channel that has persisted for the past three weeks. It also signals the start of a possible bullish move that could push the price above the coveted $1 level.
Initial targets for Dogecoin price from here place it towards $0.5, where the biggest resistance for DOGE price currently lies due to its recent peak. Once a break above the resistance is achieved, the analyst chart shows a massive continuation that could push the price further.
At the top of the breakout is the $1.4 target, which represents a move of over 200% from the current price. This target is in line with the analyst’s forecast. previous predictions for DOGEsaying that the leading meme coin will soon reach a new all-time high price.
Analysts are optimistic about DOGE price
Despite the crash that shook the price of Dogecoin in December 2024, crypto analysts have remained quite optimistic about the meme coin. Crypto analyst Dima James shared in December that the price of Dogecoin could reach double digits this cycle.
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James used historical data to support his prediction, showing that DOGE has a history of massive surges. Primarily, these surges occur on a 4-year cycle and since the last major surge occurred in 2021, it means that 2025 is next on the 4-year cycle. If this is correct, then the DOGE price could reach a new all-time high in the first quarter of 2025.
In another analysis reported by NewsBTC, a crypto analyst predicted that the DOGE price could rise as high as $5, predicting a 1,500% move for the meme coin. This time, the analyst places the timeline between March and April, giving only a few months for this prediction to materialize.
At the time of writing, Dogecoin was trading at $0.383, 48% below its all-time high price of $0.7376 recorded in May 2021.
Featured image created with Dall.E, chart from Tradingview.com
