Dogecoin is making headlines again, with some analysts predicting a possible surge in price. The reason for this optimism? A recent shift in a key indicator called the Relative Strength Index (RSI).
What’s The RSI Saying?
The RSI is a technical tool used to measure how quickly a cryptocurrency’s price is changing. A recent change in Dogecoin’s RSI suggests that buyers are becoming more active, which could lead to a price increase.
The RSI has moved above 50%, indicating that bullish momentum is growing. This means that buyers are stepping in to support the price, potentially pushing it higher.
Charting The Potential Rise
On shorter-term charts, Dogecoin is showing signs of a bullish comeback, with the price aiming to reach $0.1293. It’s also trading above the 100-day Simple Moving Average (SMA), another positive sign.
On longer-term charts, Dogecoin is also showing positive momentum, with multiple bullish candlesticks appearing. While it’s currently trading below the 100-day SMA, the upward movement suggests that buyers are in control and could push the price higher.
Reaching For The Stars: Potential Targets
If Dogecoin breaks through the $0.1293 level, the next target could be around $0.1491. This could further boost positive sentiment and potentially lead to even higher prices.
However, if Dogecoin faces strong resistance at $0.1293, the price could decline towards 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.
The Bottom Line
While the recent shift in Dogecoin’s RSI is encouraging, it’s important to remember that the cryptocurrency market is volatile. It’s always a good idea to do your own research and invest only what you can afford to lose.
