Dogecoin is capturing attention once again as a recent shift in its Relative Strength Index (RSI) ignites optimism for potential gains. The RSI, a key indicator, has shown signs of a bullish reversal, signaling that buying interest may be on the rise, positioning Dogecoin for possible gains to the $0.1293 significant level. As market sentiment shifts in favor of the bulls, the question remains: could this be the moment DOGE breaks through to new heights?
This article aims to analyze the recent shift in Dogecoin’s RSI and its implications for potential price gains. By exploring the technical indicators and market sentiment surrounding this change, the article will assess the likelihood of DOGE reaching the target of $0.1293.
At the time of writing, DOGE was trading at approximately $0.1055, reflecting a 0.86% decline over the past 24 hours. Its cryptocurrency’s market capitalization was around $15.4 billion, with trading volume surpassing $503 million, representing decreases of 0.08% and 23.74%, respectively.
Technical Analysis: Key Indicators Supporting The Upside
Following a recent pullback, DOGE’s price on the 4-hour chart is making a bullish comeback, with the purpose of reaching the $0.1293 mark. DOGE is trading above the 100-day Simple Moving Average (SMA), suggesting a positive upward trend.
An analysis of the 4-hour Relative Strength Index suggests a potential for additional upward movement. The RSI has risen again to 59% after a previous attempt to drop below the 50% threshold, indicating that bullish movement is gaining strength.
This resilience demonstrates that buyers are stepping in to support the price, creating a favorable environment for continued gains. As long as the RSI remains above this critical level, the outlook for upside movement remains positive.
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On the daily chart, DOGE shows positive momentum, reflected in multiple bullish candlesticks. Although it is currently trading below the 100-day SMA, this upward movement suggests that bulls are actively in control and may push the cryptocurrency higher, aiming to surpass the 100-day SMA and reach the $0.1293 mark.
Finally, on the 1-day chart, a detailed examination of the RSI formation indicates that DOGE may maintain its upward momentum as the indicator’s signal line has risen above the 50% threshold and is currently positioned at 54%, suggesting a sustained bullish outlook.
Resistance Levels: Targeting $0.1293 And Beyond
As Dogecoin maintains bullish momentum, the next key level to watch is the $0.1293 mark. If the meme coin successfully breaks through this level, the following resistance target is likely to be around $0.1491, which could further boost positive sentiment and pave the way for even higher price levels.
Related Reading: Crypto Analyst Says Dogecoin Breaking This Level Will ‘Get The Party Started’
However, should Dogecoin encounter strong resistance at $0.1293, the price may begin to decline toward the $0.09149 support level. A break below this level could signal a continuation of the downward trend, potentially targeting the support range at $0.07456 and beyond.
Featured image from Adobe Stock, chart from Tradingview.com