The price of Dogecoin has continued its downward trend over the past two weeks in the last 24 hours. In particular, Dogecoin has you are still starting significant momentum above the $0.30 threshold, although it holds more than 0.31 $. During this drop in price, the Relative Strength Index (RSI) indicator transmitted the same decrease, which was noted on social media site X by crypto analyst KrissPax. He points to Dogecoin’s RSI reaching 59, a level consistent with bullish potential in the current market cycle.
Dogecoin RSI At 59: Historical Context
According to crypto analyst KrissPax in the social media XDogecoin’s RSI at 59 is an important technical signal. Notably, the technical analysis is based on the weekly time chart of Dogecoin. According to the chart, Dogecoin’s weekly RSI has been in a negative trend since early December, following a peak above 90.
During this time, the meme coin was under a lot of buying pressure, leading to overbought conditions. From here, Dogecoin dropped significantly on the resulting RSI strong sales pressure from ownerscausing the price of Dogecoin to drop significantly. Correction it pushed the RSI below 70 and 60 levels, which reinforces the bearish feeling at this time.
Interestingly, the weekly RSI for Dogecoin has now stabilized at 59 and has held this level since December 16. While this stability may suggest a temporary pause in selling pressure, it may also indicate something more important in Dogecoin’s price trajectory. Historical data shared by KrissPax underscores this possibility.
The last time Dogecoin’s weekly RSI hovered around 59 was on October 29, when the meme coin was around $0.15. What followed was a remarkable gathering. The price of Dogecoin rose in the following weeks, peaking at $0.475.
Bullish Breakout Possible Amidst Bearish Sentiment
Dogecoin’s weekly RSI at 59 suggests that Dogecoin may be preparing for another surge in the coming weeks. As KrissPax predicts, this suggests that the price of Dogecoin can go from here to $0.6. However, the unpredictable nature of the crypto market also shows the possibility of a recovery after hitting this peak to cause a reassessment at around $0.45 before resuming its rise. route.
At the time of writing, Dogecoin is trading at $0.316, and a rally to $0.60 would mark a staggering 90% increase from the current price. Interestingly, Dogecoin showed firmness at $0.31, retracing from this level several times in the last 24 hours.
However, it has yet to show the high momentum needed to start moving higher. If Dogecoin struggles to break above $0,316, it risks facing another short-term decline. In terms of support, $0.31 and $0.30 are it Two major levels to keep an eye on. Resistance levels are around $0.33, $0.35, and $0.40.
The featured image was created with Dall.E, a chart from Tradingview.com
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