Dogecoin (DOGE) Enters the Gaussian Channel, suggesting a 100% price increase is coming

The popular meme coin, Dogecoin, has recently entered the Gaussian Channel following a substantial price crash. This technical indicator suggests that a 100% price jump could be on the horizon for the cryptocurrency.

Dogecoin Price Analysis: Meme Coin Primed For 100% Rally To $0.69 After Gaussian Channel Entry

The price of Dogecoin (CRYPTO: DOGE) has entered the Gaussian Channel following a recent price crash, which technical analysis suggests could lead to a 100% rally.

Here's what happened: Dogecoin price dropped below $0.4 and $0.3 in the past couple of days, eventually reversing after a quick move lower to the $0.27 level.

This marked a key shift in market structure, with buyers using the lower price point as a strong reentry opportunity. At press time, Dogecoin trades at $0.34, marking a 27% gain on the day after bouncing to a low of $0.2663.

After the crash, Dogecoin price action showed a strong momentum, with buyers quickly stepping in at lower prices.

The Gaussian Channel is a technical indicator that uses two curves derived from normal distribution to identify areas of price support and resistance, highlighting regions where a cryptocurrency’s price is trading at extreme highs or lows relative to its recent range.

Crypto analyst Trader Tardigrade highlighted Dogecoin's interaction with the Gaussian Channel after its recent decline.

This technical analysis suggests that Dogecoin could see a rally to $0.69 if the momentum continues to sustain itself.

An important level to watch will be $0.355, which is the upper boundary of the Gaussian Channel.

Trader Tardigrade noted, "Dogecoin has been trading above the Gaussian Channel since the middle of October on the daily timeframe. The supportive nature of the Gaussian Channel could act as a launchpad for Dogecoin’s next rally."

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