Dogecoin (DOGE/USD) Breakout Toward $1 Forecasted by Analyst, Based on Weekly Chart Analysis

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 Tartigrade 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.

Trader Tardigrade also outlined how DOGE experienced false breakdowns and breakouts in different ranges.

“DOGE has now returned to its current range. Soon, DOGE is expected to break out, potentially sending it higher,” they added, highlighting the coin’s previous instance of a breakout following a false break.

See Also: Forget Dogecoin And Shiba Inu — Crypto Analyst Sees This Coin Surging 100%

Meanwhile, the Bull Bear Power indicator, which measures the strength of buyers and sellers, flashed “Sell” for DOGE, according to TradingView.

Moreover, DOGE’s Long/Short ratio was below 1, according to Coinglass, suggesting that a higher number of futures traders were betting against the world’s largest meme coin.

In other news, Nasdaq filed a 19b-4 proposal with the SEC to list and trade shares of a Dogecoin exchange-traded fund by 21Shares, following the S-1 registration earlier in the month.

Price Action: At the time of writing, DOGE was exchanging hands at $0.1757, down 1.78% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the cryptocurrency has plummeted by 44%.