- Dogecoin (DOGE), the leading meme cryptocurrency, is poised for significant growth following recent bullish indicators.
- Crypto analyst Kevin (formerly Yomi OG) has highlighted a key trend change in Dogecoin, pointing to a potential upward trajectory.
- Kevin’s analysis reveals that the 12-day Gaussian channel for Dogecoin has flipped green for the first time since December 2020, signaling a bullish trend.
Discover why Dogecoin might be entering a bullish phase, backed by crucial technical indicators and expert analysis.
Key Signal Indicates Bullish Turn for Dogecoin
In a recent post on X (formerly Twitter), Kevin pointed out that Dogecoin’s 12-day time frame on the Gaussian channel has turned green for the first time in nearly three years. According to his analysis, this shift suggests a “potential strong bullish trend” on the horizon for the meme coin.
Historical Reliability of the Gaussian Channel
Kevin emphasized that this indicator has consistently predicted trend changes in the past. Thus, its current bullish signal could imply that Dogecoin is primed for significant upward movement. Additionally, Kevin noted that Dogecoin has performed relatively stronger than other altcoins during recent market consolidations and declines.
Critical Price Levels to Watch
According to Kevin, if Dogecoin maintains its position above the Macro 0.382 Fibonacci retracement level and the blue support zone on the weekly chart, it could aim for the golden pocket between $0.26 and $0.33. Furthermore, he identified a significant liquidity block around the $0.175 price level, which could attract market makers and enhance upward pressure on the token.
Potential Scenarios for Dogecoin
Another respected crypto analyst, CrediBULL Crypto, highlighted Dogecoin’s current “make it or break it” level. He believes DOGE is well-positioned for an upward trend, contingent on Bitcoin experiencing a bullish reversal. If Bitcoin rebounds from its current lows, Dogecoin could follow suit and see a significant price increase.
Near-term Predictions
Crypto Daily, another prominent analyst, has forecast a short-term bullish outlook for Dogecoin, with potential price rise targets between $0.33 and $0.35. He further speculated that a daily close above $0.18308 could pave the way for Dogecoin to advance towards $0.57. This aligns with Kevin’s projection, emphasizing the liquidity around the $0.20 to $0.23 range, reinforcing bullish sentiment.
Conclusion
Dogecoin is showing strong bullish signals and has several key support and resistance levels to watch. Analysts believe that the meme coin could see significant price increases if key conditions are met, including Bitcoin experiencing a bullish reversal. With the 12-day Gaussian channel turning green and significant liquidity at strategic price points, Dogecoin’s prospects look promising for the coming months.
