Dogecoin Heading Toward $1? Analyst Predicts Breakout For Meme Coin On Weekly Chart
A widely followed cryptocurrency analyst forecasted a breakout for Dogecoin (CRYPTO: DOGE) toward $1 on Tuesday, based on their analysis of the meme coin’s weekly chart.
What Happened: In an X post, Trader Tardigrade drew attention to the four completed red candles on the chart, with the current week’s candle potentially passing through the mid-band, forming a green candle.
The analyst used the Gaussian Channel indicator, a widely used method to identify potential overbought or oversold conditions. The upper and lower bands of the channel acted as dynamic support and resistance levels.
“Trendline resistance targets the price near the $1 mark,” Trader Tartigrade said. Should the prediction come true, it would amount to a 488% upside from DOGE’s current levels. Note that the cryptocurrency has dipped by over 3% in the last week.
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