Dogecoin Price Turns Bullish With 1-Day RSI In Oversold Region, Why DOGE Can Reach $0.9
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Domycin has always been Trading with bearish momentum This has caused its price to break below the critical resistance level of around $0.3 in the past few weeks and is now struggling around $0.2. This downward trend has seen a very decline in the Relative Strength Index (RSI) indicator, and the 1-day RSI has especially slipped into oversold territory.
But interesting technical prospects indicate Dogecoin prices May be reversed The ambitious goal was quickly achieved.
Dogecoin transactions near RSI signal weakness trade near channel bottom
The latest analysis from trading viewing analyst analysis points out Possible buying opportunities When the 1-day RSI slides into oversold territory. It is worth noting that despite the continued decline, this possible buying opportunity is based on the current settings using RSI and chart patterns, which is reminiscent of Dogecoin’s past price lowest point.
Related Readings
Technical analysis shows This Dogecoin has been moving in the pattern above the channel over the past year. This mode is characterized by a repeated rebound between the resistance and support level. It is worth noting that the current price action shows Dogecoin near the lower boundary of the channel, and past bounces triggered recovery rates.
However, the current trading in the field is even more interesting due to its convergence with the 1-day RSI. This phenomenon reflects what has been going on since August 2024, just before Dogecoin held an extraordinary rally between September 2024 and December 1224. In addition, the bearish wave is below MA200 for 1 day, and the RSI is more than 1 day. Just like Bottom on August 5, 2024.
1 day MA200 and Fibonacci extensions for $0.90 target
According to historical trends, the current price setting indicates that rallies may take place in the coming weeks. The asset last showed the same market situation (traded with overselling 1-day RSI near the lower boundary of its channel UP model), and it experienced an astonishing 480% boom, ultimately ending up with a stunning 480% boom Reaching multi-year peak $0.475.
Related Readings
It is worth noting that when forecast from the bottom in August 2024, this price peak almost perfectly matches the expansion level of 1.618 Fibonacci. If something similar happens, history may repeat itself with another parabolic rally in the coming months. In this case, analysts set $0.90 as a potential target, again derived from the 1.618 Fibonacci extension, this time it is expected to be about $0.18 lower from March.
In addition to price mirroring on the Dogecoin price chart, sentiment around the market is a key factor. Although the technical target of Fibonacci expansion is $0.90 under 1.618, reaching this level seems increasingly challenging under current market conditions, especially under bearish pressure Installed on Bitcoin.
Dogecoin support ranges from $0.19 to $0.2 Under pressure, And the failure to maintain this level could trigger a deeper backtrack to $0.16 or even $0.14. At the time of writing, Dogecoin traded at $0.1972, down 1.47% in the past 24 hours.
Featured images from Unsplash, charts from TradingView.com
