Technical Indicator Shows Ongoing Rally For Dogecoin
Dogecoin’s firm support is above $0.22 Despite repeated threats Break through the week that just ended. Among these fluctuations, an interesting technical indicator shows that the long-term gathering of domycin remains intact.
The prospect of this technical indicator Being pointed out Through crypto analyst Trader Tardigrade, he used the Gaussian channel, a popular momentum tool, as evidence of Dogecoin’s Bullish Bollish momentum, although sales pressures are still in play.
Related Readings
Gauss Channel shows Dogecoin’s continued bullish power
Dogecoin’s price trajectory has been declining since mid-January. This decline allowed domycin to drop as much as 47% from its lower high on January 18 to $0.4159. Price corrections are even more noticeable when considering its multi-year high of $0.475, which achieved on December 9, 2024 Dogecoin has now corrected about 54%.
This significant correction is also seen Develop some bearish signals On the Dogecoin price chart. One such bearish development is the rejection of macro resistance and the failure to retract the macro gold bag in the past week.
However, Despite obvious corrections In Dogecoin prices, the meme coins appear to be on the upward trend in the long run. This long-term prospect can be revealed by analyzing Dogecoin over the weekly candlestick timeframe using the Gaussian channel.
The Gaussian channel is a little-known technical analysis tool that helps identify trends and cycles of price movements by highlighting green and red areas in different market cycles. The green area represents a period of upward momentum and prices are expected to continue to grow. On the other hand, the red area indicates a period of correction or consolidation, during which the market stops before it resumes its upward trajectory.
Dogecoin entered its recent green zone on the Gaussian channel in 2024, according to the Dogecoin price chart shared by Crypto analyst Trader Tardigrade on social media platform X. However, despite recent corrections, it is still in this green area, indicating that it is still in the long run, Dogecoin’s uptrend remains active.
image From X: Trader Tardigrade
The Governor’s Long-term Goals
The Gauss channel still says the green area of Dogecoin and the gathering will be restored soon. According to Trader Tardigrade’s forecast, the rally is enough to bring multiple resistance levels above $0.3, $0.4 and the most recent multi-year high of $0.475.
Dogecoin if momentum establishment and purchase pressure increase Maybe even retest $0.7316 has remained unchallenged since the 2021 Bull Run.
Related Readings
Apart from these direct targets, Tardigrade’s analysis suggests that the long-term trajectory of meme coins may be well beyond the $1 range. The prediction envisions a more aggressive gathering where Dogecoin can be seen Climb up to $4.1. At the time of writing, Dogecoin is trading at $0.247, up 1.5% in the past 24 hours, but has dropped 25% since the beginning of February.
Featured images from TheStreet, charts from TradingView
