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Dogecoin's latest two-week chart shows that the cryptocurrency may be preparing for another explosive rise. Trader and market analyst Trader Tardigrade noted that Dogecoin’s relative strength index (RSI) has stabilized in a key range – a range that is very similar to the levels it was before several major gains over the past two years. This technical observation is based on Dogecoin’s steady upward trend since 2023 along its long-term support line, suggesting that the current price may be in the early stages of gaining momentum before the next leg of the increase. Dogecoin RSI indicator shows pre-breakout signals Over the past few cycles, the RSI indicator has been in sync with Dogecoin’s strongest uptrend phases. According to the two-week candlestick chart shared by Trader Tardigrade, RSI is currently stable in the low range before each price takeoff since 2023. Looking at the chart, the three major RSI dips occurred when price retraced the red uptrend line. It is worth noting that after the first two dips, Dogecoin experienced a sharp rise. Today, the RSI is in its third downward phase, which means that Dogecoin may once again be at a "starting point" similar to previous surges. The long-term support line drawn since mid-2023 has been an important support for the Dogecoin price rebound cycle. Price tested this line multiple times but never effectively broke below it, thus promoting a healthy trend of “higher highs and higher lows.”  Although Dogecoin briefly fell below the trend line in mid-October, the lower shadow was long and short-lived, indicating strong buying. Based on price performance in October, Dogecoin last hit support at around $0.17 and has since held firmly above that level, which is seen as another early bullish signal.  What might happen if this pattern continues? If the cyclical structure between RSI and price continues to be consistent, Dogecoin is poised to embark on its third significant uptrend since early 2024. According to historical rules, this rise usually lasts for several weeks, and the trend is similar to the previous two rounds. The last rally pushed the Dogecoin price to about $0.5 in December 2024. If this market repeats itself, prices are expected to break above this high. According to the technical model, the target price may be around US$0.8. As of press time, Dogecoin was quoted at $0.1877, up slightly by 0.5% in the past 24 hours. If it rises to $0.8, it will hit a record high, with an increase of about 228%. As long as the RSI holds its current bottom and the price stabilizes above rising support, market sentiment is likely to gradually shift from the current consolidation to optimism, in line with the rebound rhythm of the entire crypto market. The Bitcoin bull market has entered the second half, and the community has opened limited-time benefits and distributed selected potential coins for free. Scan the QR code or search WeChat ID: BNB7768 to add an assistant and join the group layout immediately.  |
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