Dogecoin RSI Matches 2017: Is Another Bull Run Approaching Soon?

Dogecoin (DOGE), a meme-based cryptocurrency with a passionate community, is gaining attention from investors and traders. A recent analysis by renowned crypto analyst Master Kenobi suggests DOGE could be poised for a significant price increase, driven by a mix of technical signals and historical trends.

The basis for Kenobi’s assessment is the relative strength index (RSI), a metric for measuring momentum and identifying potentially overbought or oversold conditions. The weekly RSI for DOGE currently exhibits levels observed before its major price peaks in 2020 and 2017.

Kenobi points out that historically, Dogecoin’s subsistence prices rose after Bitcoin’s falling prices. Specifically, a bull market started 217 days after the first and 168 days after the second half. Given that the most recent Bitcoin price peak occurred approximately 140 days ago, Kenobi believes Dogecoin may be poised for yet another notable price increase.

Furthermore, Kenobi observes that in the last year, DOGE’s RSI has occasionally fallen below its current level. This observation reinforces the expectation that the cryptocurrency market will undergo a significant transition, potentially presenting investors with a “life-changing opportunity” and a historic opportunity to buy real estate.

Dogecoin Breaks Out Of Consolidation

Crypto analyst VIAQUANT has expressed optimism about DOGE, indicating it may be nearing the end of its consolidation phase. This stable price period could soon give way to a significant increase. VIAQUANT cites strong support from various moving averages as a critical indicator.

Notably, VIAQUANT points out the successful defense of the 200-day moving average on the 3-day chart, alongside a recent bounce from the 100-day moving average on the weekly chart, forming a bullish “perfect railroad track” pattern. Sustained support above the 21-day moving average on the monthly chart further strengthens the positive outlook, suggesting DOGE is poised for a price surge soon.

Dogecoin is trading at $0.094, showing a 3.24% decline in the last 24 hours. Over the past week, it has dropped by 7.09%. This decrease reflects the broader bearish trends in the cryptocurrency market. However, analysts from VIAQUANT and Master Kenobi suggest this price dip might be temporary.

They believe it could set the stage for a significant upward movement in DOGE’s value. If their forecasts hold, Dogecoin may soon experience a recovery. The situation remains dynamic in the volatile crypto market.

Concerning the future, Master Kenobi’s early projections offer favorable price targets for DOGE. According to the analyst, Dogecoin is expected to reach $0.89 by November 2024, rise to $2.2 by February 2025, and ultimately reach an impressive $6.9 by the end of March 2025.

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.