Dogecoin (DOGE), the internet’s favorite memecoin, has been on a tear lately. After a meteoric 159% rise between November 6th and 12th, it’s currently consolidating within a higher price range. However, technical indicators suggest DOGE might be gearing up for another significant climb, potentially reaching new highs.
One such indicator, the Gaussian Channel, has caught the eye of market analysts. As explained by Tardigrade, a prominent pattern analyst, the Gaussian Channel helps identify price action boundaries based on historical asset distribution. Interestingly, DOGE appears to be finding support from the channel’s mid-band line for the third time in its history. According to Tardigrade, if past performance is any indication, “DOGE will experience an incredible PUMP.”
#Dogecoin is gaining support from the mid-band of the Gaussian Channel 🔥
— Trader Tardigrade (@TATrader_Alan) November 17, 2024
This is the third time in history this price action has occurred.
After this price action, $DOGE will experience an incredible PUMP 🚀 pic.twitter.com/02njMzdex3
Independent trader Javion Marks echoes this sentiment, believing a retest of DOGE’s all-time high (ATH) of $0.73 is “practically imminent.” Marks compares the parabolic price surges of DOGE in 2016, 2021, and 2024, highlighting similar setups in each instance.
By historical performances, $DOGE (Dogecoin)'s price to new All Time Highs ($0.73905+) are practically IMMINENT ⚡️!
— JAVON⚡️MARKS (@JavonTM1) November 18, 2024
This implies another near 2X in an approximately +90% increase, but that may only be the beginning as history also suggests surges much higher, which this cycle,… https://t.co/aJULrN59HA pic.twitter.com/PlgEkifiFC
Potential Price Targets – Beyond $1?
While the Gaussian Channel suggests a potential parabolic rise exceeding $1, other analysts offer a more conservative outlook. Based on the principle of diminishing returns, the upper limit is estimated to be somewhere between $3 and $5 in 2025. The blue curve in the chart illustrates this concept, depicting a logarithmic scale where DOGE might peak within this range.
Historically, DOGE has encountered resistance just below its previous ATHs during breakouts. This suggests a possibility of the memecoin consolidating above the $0.73 level before experiencing a rapid price increase.
On-Chain Signals: Bullish Despite Lower Activity
Interestingly, data analytics platform Santiment reports a decline in DOGE wallet activity over the past day. Surprisingly, this might be a bullish sign. From an on-chain perspective, lower activity often indicates HODLing (holding for dear life) behavior, suggesting investors are confident in DOGE’s future potential.
Dogecoin’s Future: Hype or Real Utility?
While these indicators present an exciting possibility for DOGE holders, it’s important to remember that cryptocurrency markets are inherently volatile. Past performance is not a guarantee of future results.
Also Read: Dogecoin (DOGE) Price Prediction 2025 – Can It Hit $2? Experts Weigh In
However, the recent developments highlight a growing interest in DOGE. Whether driven by genuine belief in its utility or fueled by meme culture, this renewed focus could propel DOGE to new heights. With potential advancements in technology and wider adoption, DOGE might move beyond its “memecoin” status and establish itself as a legitimate player in the cryptocurrency landscape.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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