Dogecoin Set to Skyrocket? Crypto Analyst Predicts Huge $DOGE Price Surge Based on Rare Indicator

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As a seasoned crypto investor with a knack for recognizing emerging trends, I’m keeping a close eye on Dogecoin ($DOGE) following the latest analysis from Trader Tardigrade. The Gaussian Channel (GS) indicator turning green on DOGE’s weekly chart is an intriguing development that could signal a significant price surge.

Dogecoin (DOGE), the cryptocurrency inspired by memes, might experience significant growth based on a less-publicized technical signal indicating an imminent price increase.

Based on the analysis of a well-known, pseudonymous cryptocurrency expert named Trader Tardigrade on microblogging platform X (previously Twitter), the Gaussian Channel (GS) signal on Dogecoin’s weekly chart has switched to green. This indication suggests that Dogecoin is expected to experience significant price growth when the opportune moment arrives.

As a Gaussians Channel (GC) analyst, I can tell you that the weekly chart for Dogecoin (DOGE) has recently transitioned into the green zone 🔥. We’re currently at the initial stage of this development. Once the designated time elapses, expect a significant surge in Dogecoin’s price 🚀.— Trader Tardigrade (@TATrader_Alan) June 20, 2024

The tidbit about Tardigrade strengthened his point by bringing up two past occurrences where Dogecoin’s chart exhibited comparable patterns in the years 2016-2018 and 2021-2022. In these instances, the analyst emphasized, DOGE eventually touched new peak levels, as shown in the graph.

I’ve noticed some significant movements in the DOGE market recently. As large investors, often referred to as “whales,” have been selling off their holdings, the percentage of the total supply they control has decreased dramatically. It went from holding 45.3% last year to only 31.3% today for this meme-inspired cryptocurrency with the largest market capitalization, DOGE.

Based on the data fromIntoTheBlock, I’ve observed that over the past year, individuals holding over 0.1% of Dogecoin’s total supply have been offloading their coins. Conversely, retail and mid-sized investors now represent a greater proportion of the cryptocurrency’s current holdings.

At present, these whale sell-offs occur as public opinion towards the meme-driven cryptocurrencies DOGE, Shiba Inu, and XRP‘s native token XRP has been declining based on recent data from Santiment, an on-chain analytics firm.

As a researcher studying market trends, I’ve noticed that some patient traders have been holding out on purchasing large cap altcoins, believing that the crowd’s interest in these assets may soon wane. If this holds true, they might seize the opportunity to buy at what could potentially be a 2024 low, driven by fear of missing out (FOMO) on any potential price increases.

DOGE Price Analysis

At present, Dogecoin is priced at approximately $0.124 per token. Over the past year, it has experienced a significant surge of around 90%. However, in the last month, its value has decreased by approximately 27% due to a broader cryptocurrency market decline.

As an analyst, I’ve examined Dogecoin’s yearly price chart from a technical perspective. Currently, the market sentiment appears bearish in the short term as the Dogecoin price hovers below the 50-Simple Moving Average (SMA), which stands at around $0.146. However, it’s essential to note that the long-term trend remains potentially bullish as the price stays above the 200-SMA, currently situated at approximately $0.114.

As a researcher studying financial markets, I’ve noticed that the Relative Strength Index (RSI) for the asset in question is hovering around 32.5 at present. This level is typically considered an oversold sign, suggesting that the asset may have been sold excessively and could be due for a rebound. However, given the ongoing bearish trend, it’s likely that any potential bounce will be short-lived, and the RSI will continue its downward trajectory.

The MACD line of Doge’s price chart has dropped beneath the signal line, signaling a potential bearish trend.

As a researcher analyzing the price chart, I’ve noticed that there appears to be resistance around the 50-day moving average (SMA), which is approximately $0.146. On the other hand, support seems to be present at the recent low point near the 200-day SMA or around $0.114.

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2024-06-22 01:46