Dogecoin Breakout Alert! This Could Trigger A ‘Parabolic’ Surge
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Ali Martinez, a well-known cryptocurrency trader, has released a new update that suggests Dogecoin may be preparing for a sharp rise. Martinez draws attention to the RSI in the weekly timeframe in the latest chart shared on X.
RSI stocks appear to be expected to offer bullish crossovers, a signal that has been ahead of the big Dogecoin rally. “Dogecoin is about to go parabolic. Historically, when the stock RSI has bullish crosses on the weekly chart, Dogecoin tends to experience a significant rebound,” Martinez nation. He noted that whenever the oscillator spans bullish on the weekly chart, Doge usually experiences a sharp price peak.
Related Readings
“For example, in October 2023, Dogecoin soared 88% when the stock RSI went through bullish crossover. In February 2024, the same thing happened. Dogecoin soared 187% after the stock RSI went through bullish crossover. Even in July 2024, Dogecoin rose 56% after the RSI went through bullish crossover. In September 2024, the price rose even bigger. Analysts added that Dogecoin soared 444% after the RSI made bullish crossover on the weekly chart,” the analyst added.
Dogecoin is on the verge of breakthrough
Martinez also noted that the current weekly candlestick is trying to form a doji, a candle with a small real body that usually marks a potential trend reversal, especially when it is followed by a second candle confirmation. “Doge is printing potential bullish reversal DOJI on weekly charts!” Martinez write a letter By X.
While it’s too early to call DOJI Star mode, as the weekly candles aren’t officially closed until Sunday and the second candle you confirm that you haven’t formed yet, this is a promising signal for Doge Bulls. If the ongoing candles maintain their slim real body by this weekend, and if the candles next week confirm this formation, then Dogecoin may set it up for textbooks Bullish reversal scenario.
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From a purely price action perspective, Dogecoin opened this week at a price close to $0.16798, reaching a high price of $0.18082, as low as $0.14297, and then rebounded to $0.16766. So far, the nervous net change explains why the current candlestick looks like doji, reflecting the hesitation between buyers and sellers.
However, four days remain until the end of each week. Intra-disk volatility can expand or tighten the real body and may eliminate the pattern. Since Doji candles often appear in the transitional market phase, any upward or downward momentum will quickly distort the shape of the candle.
Although Martinez’s analysis highlights potential parabolic movement, it is important to emphasize that confirmation is crucial. The second week candles for DOJI stars have not yet formed, and the current DOJI-like candles may disappear if the market undergoes a major shift before Sunday.
Traders of weekend gatekeepers will need to pay close attention to whether it manages to keep its ground near current price levels, thus maintaining the minimum difference between opening and closing of the weekly candlestick. If this happens, next week’s candles highlight the buying pressure for updates, then the Doji Star pattern will be confirmed and potentially foreshadowed break out.
At present, the market is still in a waiting mode. As RSI seems ready to span bullish stocks, the days ahead may prove to be the key to determining whether Dogecoin is really at the forefront of another person Parabola rises.
At press time, Doge’s trading price was $0.16996.
Featured Images created with dall.e, Charts for TradingView.com
