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In December 2024, the Dogecoin price entered the Gaussian Channel after a sharp price drop when Bitcoin crashed several times. However, although the entry was caused by bearish forces, Dogecoin’s entry into the Gaussian Channel was bullish and showed a tendency to recover quickly from dips. This is because the Gaussian channel can act as a jumping point to potentially send DOGE soaring to new all-time highs.
Dogecoin Gaussian channel flashes green
In recent weeks, Dogecoin price has been trending in the Gauss channel, showing bullishness but not quite completing the move. However, this is starting to change now that the Dogecoin Gaussian Channel has turned green for the first time.
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According to crypto analyst Trader Tardigrade, the Dogecoin Gaussian Channel is active recently flashing greenand this happened on the 4 hour chart. This development points to a possible outbreak from the canal that has lasted for the past three weeks. It also signals the start of a possible upward move that could push the price above the coveted $1 level.
The initial targets for the Dogecoin price from here take it towards $0.5, where the most resistance currently lies for the DOGE price due to the recent spike. Once a break above resistance is achieved, the analyst’s chart shows a huge continuation that could push the price further higher.
At the top of the breakout is the $1.4 target, which is a move of over 200% from the current price. This objective corresponds to that of the analyst previous predictions for DOGEsaying that the leading meme coin would soon hit a new all-time high.
Analysts are optimistic about the DOGE price
Despite the crash that rocked the Dogecoin price in December 2024, crypto analysts have remained quite optimistic about the meme coin. Crypto analyst Dima James shared in December that the Dogecoin price could reach double digits this cycle.
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James used historical data to back up his prediction, showing that DOGE has a history of massive spikes. These peaks mainly occur on a four-year cycle and since the last major wave occurs in 2021, that means 2025 is next in the four-year cycle. If this holds true, the DOGE price could hit a new all-time high in the first quarter of 2025.
In another analysis reported by NewsBTC, a crypto analyst predicted that DOGE price could rise as high as $5, predicting a 1,500% move for the meme coin. This time, the analyst puts the timeline somewhere between March and April, giving just a few months before this prediction becomes reality.
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
