Originally published on: November 19, 2024
After a significant 159% surge in early November, Dogecoin (DOGE) entered a consolidation phase. Recently, a daily bullish engulfing candle signaled a potential uptrend towards its all-time high of $0.73, sparking excitement among traders and investors.
Trader Tardigrade has pointed out a historical pattern in Dogecoin’s price movements using a Gaussian channel analysis. This indicator helps identify price action boundaries based on asset distribution. According to Tardigrade, Dogecoin has found support at the mid-band line of the Gaussian channel, hinting at a possible parabolic rally in the near future.
Independent trader Javion Marks has also weighed in, suggesting that Dogecoin could retest its previous all-time high of $0.73 soon. By comparing past price surges in 2016, 2021, and 2024, Marks predicts a possible move towards $9.73.
Analyzing the logarithmic scale of Dogecoin’s returns, experts anticipate a price target range of $3 to $5 by 2025. However, considering historical resistance levels, Dogecoin might experience a gradual increase above $0.73 before entering a period of rapid price discovery.
Despite a recent decline in DOGE wallet activity, data analytics from Santiment suggest a positive outlook for the memecoin. As always, it’s essential to conduct thorough research and consider all risks before making any investment decisions.
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