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Technical Indicator Shows Ongoing Rally For Dogecoin
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Technical Indicator Shows Ongoing Rally For Dogecoin Despite Bearish Developments

Scott Matherson
Scott Matherson
4 months ago
3 mins read
DOGE

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Dogecoin is holding firm above major support at $0.22 despite repeated threats to break below in the just concluded week. Amidst these fluctuations, an interesting technical indicator suggests that Dogecoin’s long-term rally is still intact.

This technical indicator’s outlook was pointed out by crypto analyst Trader Tardigrade, who used the Gaussian Channel, a popular momentum tool, as evidence that Dogecoin’s bullish momentum is still in play despite the current selling pressures.

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Gaussian Channel Shows Continued Bullish Strength For Dogecoin

Dogecoin’s price trajectory has been highlighted by a decline since mid-January. This decline has seen Dogecoin fall by as high as 47% from a lower high of $0.4159 on January 18. The price correction is even more pronounced when considering its multi-year high of $0.475, which it achieved on December 9, 2024, from which Dogecoin has now corrected by approximately 54%.

This notable correction has also seen the development of a few bearish signals on the Dogecoin price chart. One such bearish development is the rejection at a macro resistance and the failure to reclaim the macro golden pocket in the recent week. 

However, despite the notable correction in the Dogecoin price, the meme coin seems to be still trading in an uptrend in the longer term. This long-term outlook is revealed through the analysis of Dogecoin on the weekly candlestick timeframe using the Gaussian Channel.

The Gaussian Channel is a lesser-known technical analysis tool that helps identify trends and cycles in price movements by highlighting green and red zones in different market cycles. The green zones represent periods of upward momentum, where the price is expected to keep growing. On the other hand, red zones indicate periods of correction or consolidation, during which the market pauses before resuming its upward trajectory. 

DOGE is currently trading at $0.24. Chart: TradingView

According to a Dogecoin price chart shared by crypto analyst Trader Tardigrade on social media platform X, Dogecoin entered into its most recent green zone on the Gaussian Channel in 2024. However, despite the recent correction, it has remained in this green zone, indicating that Dogecoin’s uptrend is still active in the long term. 

Image From X: Trader Tardigrade

Long-Term Price Target For DOGE

With the Gaussian Channel still indicating the green zone for Dogecoin, the rally could resume anytime soon. According to Trader Tardigrade’s projection, this rally will be enough to push DOGE above multiple resistance levels at $0.3, $0.4, and the recent multi-year high of $0.475.

If momentum builds and buying pressure increases, Dogecoin may even retest its all-time high of $0.7316, which has remained unchallenged since the peak of the 2021 bull run. 

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Beyond these immediate targets, Tardigrade’s analysis suggests that the meme coin’s long-term trajectory could extend well beyond the $1 mark. The forecast envisions an even more aggressive rally that could see Dogecoin climbing as high as $4.1. At the time of writing, Dogecoin is trading at $0.247, up by 1.5% in the past 24 hours but down by 25% since the beginning of February.

Featured image from TheStreet, chart from TradingView

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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