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Dogecoin has again captured the spotlight, as analysts expect a historic rally amid its position in the Gaussian channel and symmetrical triangle patterns.
Notably, Dogecoin was one of the best performers in the broader market rally in early November, soaring 177% from $0.1582 on Nov. 5 to a three-year peak of $0.4385 on Nov. 12. Despite a recent pullback, DOGE has held above $0.37, with market watchers expecting further upside.
In the most recent updates, three notable analysts—Trader Tardigrade, Crypto Yapper, and Bark—have identified important structures suggesting that the original meme coin could be on the brink of a major breakout.
DOGE Within the Gaussian Channel
Trader Tardigrade shared a chart highlighting Dogecoin’s performance on the weekly timeframe within the Gaussian channel. This channel alternates between bullish and bearish zones, highlighting important support and resistance levels.
Data from the chart shows that Dogecoin is currently sitting at the mid-band of the Gaussian channel, a position it has reached only twice before in its history.
Historical data confirms that such interactions with the mid-band have led to massive price rallies. In early 2017, Dogecoin held support at this level before surging from around $0.0002 to over $0.0187 in December 2018. This marked a staggering 93x increase in less than a year.
A similar event unfolded in late 2020, where DOGE found support at the mid-band. Notably, as of November 2020, Dogecoin changed hands at $0.002. However, the token rallied 36,850% from this level to the all-time high of $0.7390 in May 2021.
Now, in 2024, DOGE is again testing this important zone in the Gaussian channel, currently trading at $0.375. If history repeats, Tardigrade predicts an “incredible pump,” potentially propelling the price to new highs. His chart presents a possible rally toward the $11 mark. Notably, this would mark a 2,852% rally from current prices, still significantly lower than the 2020/2021 surge.
DOGE Forms Symmetrical Triangles
Meanwhile, Crypto Yapper focused on the short-term price action, sharing a one-hour chart that reveals a symmetrical triangle pattern. This pattern formed following Dogecoin’s drop from the peak of $0.4385 earlier this month.
The analyst suggests that the breakout could occur within hours and anticipates a “huge price explosion” to follow. If DOGE breaks above the $0.4385 resistance, it could target higher levels, with $0.50 and $0.55 serving as psychological benchmarks.
Bark supported Crypto Yapper’s commentary with an analysis of a similar symmetrical triangle on the four-hour chart. However, the longer timeframe indicates a more significant breakout potential.
The next $DOGE breakout will be historic pic.twitter.com/HPdPU0cWVI
— Bark (@barkmeta) November 18, 2024
Bark describes this breakout as one that could be “historic.” With DOGE currently holding above the $0.35 support level, the analyst sees little resistance preventing a move toward $0.50 or beyond once the triangle gives way. Analyst Ali Martinez also recently stressed that DOGE still has more room to grow.