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  Dogecoin The latest two-week chart analysis shows that the cryptocurrency may be brewing A new round of explosive rise. According to trader and market analyst Trader Tardigrade, Dogecoin’s relative strength index (RSI) has stabilized at similar levels to where it was before its price surge over the past two years or so. This technical observation builds on Dogecoin’s steady upward trend since 2023 along its long-term support line, noting that its price is currently May be in early accumulation phase before another rally。 Dogecoin RSI indicator now shows pre-breakout signalThe RSI indicator has remained consistent with Dogecoin’s strongest rises during this cycle. According to trader Tardigrade The shared K-line chart for the current two weeks shows , the RSI is currently stable within the low range that preceded every Dogecoin rally since 2023. As shown in the chart below, three major RSI declines have coincided with price retesting the red uptrend line. It is worth noting that the price of Dogecoin has increased significantly after the previous two declines. Currently, the RSI is in its third downward phase, so it can be inferred that this “meme coin” may once again be close to the starting point similar to the price surge in the past. The long-term support trendline drawn since mid-2023 has been a reliable price support during the Dogecoin price recovery cycle. Price action tested this trendline multiple times but failed to break below, which contributed to the formation of higher highs and higher lows.  Although Dogecoin fell below the trend line in mid-October, the decline was short-lived and had a long shadow. Based on Dogecoin’s October price action, its most recent contact with this trend line was at just over $0.17. Following this contact, prices held steady above this level, which is another early sign of technical strength.  What will happen if this pattern continues?If this cyclical structure between RSI and price stay stable, Dogecoin may be about to embark on its third significant rally since early 2024. The most likely scenario is that this rally will continue for several weeks, just like the previous two. The last rally pushed the price of Dogecoin to around $0.5 in December 2024. Therefore, if there is another rise from the current price, at least Will hit a new high above $0.5 . Analysts have predicted a target price of around $0.8 based on the last round of rising prices. As of press time, Dogecoin is trading at $0.1877 , up 0.5% in the past 24 hours. If it reaches $0.8, it would be a new all-time high and represent a 228% increase from current price levels. As long as the RSI indicator holds its current bottom and the price remains above rising support, market sentiment surrounding Dogecoin may gradually shift from consolidation to The rest of the cryptocurrency market rose in tandem. If you have been stumbling around in the currency circle and can't find your direction! In other words, you have been losing money! You can follow me! That’s it for today’s article. We are currently in a bull market and the situation is turbulent. We share passwords every day. If you don’t know what to do in the bull market, you are welcome to scan the code to join the group for free. The spot code and layout strategy of the bull market can be shared for free. Welcome to private message me to join us→ → → Scan the QR code to join the community👇No threshold and no fees  If you can’t add it via WeChat above, you can contact the author on the homepage! Penguin (QQ): 3965317191  |
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