Dogecoin The latest two-week chart analysis points towards the cryptocurrency Can prepare for A new explosive march. According to trader and market analyst Trader Tardigrade, Dogecoin’s Relative Strength Index (RSI) has stabilized at levels similar to those seen before the price surge in the last two years or so.
This technical note is based on Dogecoin’s consistent upward trend along a long-term support line since 2023 and indicates the price action currently Being in a potential early stage of accumulation Before another leg up.
Related reading
Dogecoin RSI is now showing pre-breakout signals
The Relative Strength Index is an indicator that is consistently in line with Dogecoin’s strongest rallies in this cycle. According to the current 2-week candle Setting shared by According to trader Tardigrade, the RSI is currently trading stably within the same lower range that preceded Dogecoin’s previous bullish rallies since 2023.
Each of the three major RSI declines, as shown in the price chart below, coincided with the price retesting the red uptrend line. This event is notable because the first two declines were followed by significant upward movements in the price of Dogecoin. Currently, the current RSI position is at its third low, and it can be concluded that the meme coin may once again be approaching a trigger point similar to the one that led to previous price spikes.
The long-term support trend line drawn from mid-2023 has served as a reliable price base for Dogecoin recovery cycles. Price action has tested this line several times without breaking below it, and this has created higher highs and higher lows.
Dogecoin 2W Candlestick Price Chart. Source: Tardigrade Trader on X
Although Dogecoin broke below the trend line in mid-October, this collapse was very short and had a long fuse. Based on Dogecoin price action in October, the recent interaction with this trend line is just above $0.17. This latest reaction has been highlighted with stability above this price level, another early sign of technical strength.
What to expect if the pattern continues
If this repeating structure between RSI and price maintains its consistency, Dogecoin may be about to embark on its third notable bull run since early 2024. The most likely scenario is another rally lasting over several weeks, as we saw in the past two rallies.
The last rally saw the price of Dogecoin at around $0.5 USD in December 2024. Therefore, another rally from this point will see another rally created Higher high above at least $0.5. The projection on the analyst’s chart, which is based on how the recent rally played out, suggests a target around $0.8.
At the time of writing, Dogecoin is trading at $0.1877A rise of 0.5% in the last 24 hours. Reaching $0.8 would result in all-time highs and an increase of 228% from the current price level.
Related reading
As long as the RSI maintains its current base and the price remains above the upward support level, the sentiment surrounding Dogecoin may gradually shift from consolidating to bullish. Along with the rest of the cryptocurrency market.
Featured image from Unsplash, chart from TradingView
The post Dogecoin RSI Returns To Pre-Launch Levels, Analyst Says Next Major Surge Is Close first appeared on Investorempires.com.
