After a post-election pump that sent the leading meme crypto to a three-year high of approximately $0.43, Dogecoin is finally climbing back up the charts.
A little-known but crucial indicator called the Gaussian Channel (GC) suggests DOGE could parabolically rally 5,000% from its current levels.
DOGE Gaussian Channel Flashes Bullish Green
According to a Dogecoin chart shared on X social media platform by analyst Trader Tardigrade, the recent price movement has seen the canine-themed crypto reaching the green zone of the Gaussian Channel. This is an uber-bullish development that could signal an imminent astronomical upsurge.
For the uninitiated, the Gaussian Channel is an indicator that allows analysts to determine the upper and lower channels of price movement based on the principle of asset distribution.
Trader Tardigrade has identified similar patterns for Dogecoin and the Gaussian Channel in the past. The first time the Gaussian Channel flipped green was in 2016, allowing DOGE to enter a multi-year-long rally that saw it set several all-time highs in 2018. A similar pattern emerged in 2021, which saw DOGE surging meteorically to peak at its current lifetime high of $0.7316.
Now, Doge has amassed support from the mid-band line of the Gaussian channel for the third time in history. Should history repeat itself, Tardigrade asserted that “DOGE will experience an incredible PUMP.”
#Dogecoin is gaining support from the mid-band of the Gaussian Channel
This is the third time in history this price action has occurred.
After this price action, $DOGE will experience an incredible PUMPpic.twitter.com/02njMzdex3
— Trader Tardigrade (@TATrader_Alan) November 17, 2024
As per the trader, a potential pump could see DOGE smash past its current all-time high into new price territory above the highly-coveted $1 mark. Even more interestingly, Dogecoin is anticipated to hit between $3 and $5 by 2025.
More Dogecoin Tailwinds
The price of DOGE has nearly tripled over the past 30 days, up 168% during that period. This is largely due to the wider crypto market surge that has lifted all tokens, with Bitcoin making fresh record highs in the process, thanks partly to crypto-friendly Donald Trump winning the presidency.
But there’s also a deeper link with fervent Trump backer Elon Musk, a longtime Dogecoin fanatic who has oftentimes propelled the coin higher over the years with his public remarks and actions. Musk is now set to co-lead a novel Department of Government Efficiency (D.O.G.E.) with pro-crypto entrepreneur Vivek Ramaswamy.
Notably, Tuesday’s jump coincided with a Musk post presenting himself as “The Dogefather” — a title he famously gave himself back in 2021 as the coin zoomed to its ATH.