A widely followed cryptocurrency analyst forecasted a breakout for Dogecoin DOGE/USD 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.

Trader Tartigrade 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.

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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 44%.

Photo Courtesy: alfernec on Shutterstock.com

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.