A dogecoin (DOGE) analyst now predicts a projected reach of $11, driven by indicators from Gaussian Channel and Symmetrical Triangle patterns that suggest a significant rally speed.
Dogecoin is once again in the limelight, with analysts predicting a significant rally due to its positioning within Gaussian channel and symmetrical triangle patterns.
Recently, Dogecoin experienced a remarkable surge, rising 177% from $0.1582 on November 5 to a three-year high of $0.4385 by November 12.
Although it has seen a slight decline, DOGE remains above $0.37, and market experts anticipate further gains.
Three key analysts—Trader Tardigrade, Crypto Yapper, and Bark—have highlighted crucial patterns that suggest Dogecoin may be on the verge of a major breakout.
Dogecoin in the Gaussian Channel
Trader Tardigrade shared a chart showing Dogecoin’s weekly performance within the Gaussian channel, which alternates between bullish and bearish phases, marking significant support and resistance levels.
Currently, DOGE is at the mid-band of this channel, a position it has only reached a couple of times historically.
Historical data indicates that when Dogecoin interacts with this mid-band, it often leads to substantial price increases.
For example, in early 2017, DOGE found support at this level and skyrocketed from around $0.0002 to over $0.0187 by December 2018—a staggering increase of 93 times in less than a year.
A similar situation occurred in late 2020, where DOGE surged by an astonishing 36,850% after finding support at the mid-band.
Currently, in 2024, DOGE is testing this critical zone again, trading at $0.3752.
If history is any guide, Tardigrade predicts a potential “incredible pump,” possibly driving the price to $11—a 2,852% increase from current levels, although still lower than the massive surges seen in 2020 and 2021.
Symmetrical Triangle Patterns
On a shorter time frame, Crypto Yapper analyzed a one-hour chart that shows a symmetrical triangle pattern forming after DOGE’s peak of $0.4385 earlier this month.
He suggests that a breakout could happen imminently, leading to a significant price surge.
If DOGE breaks through the $0.4385 resistance, targets may include $0.50 and $0.55, both seen as key psychological levels.
Supporting this view, Bark analyzed a similar symmetrical triangle on a four-hour chart, indicating a larger breakout potential.
He described the anticipated breakout as potentially “historic,” noting that with DOGE holding above the $0.35 support level, there appears to be minimal resistance to a move toward $0.50 or higher.
Analyst Ali Martinez also emphasized that DOGE has room for further growth.
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Also Read: A Market Expert Has Highlighted That Dogecoin’s Next Target Could Be $0.90
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