The price of Dogecoin turns into a rise with a single -day relative index in the OverSive region, why do DOGE reach $ 0.9
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It was Dogecoin Trading in a declining momentum In the past few weeks, causing its price down below the critical resistance levels by about $ 0.3, and is now struggling about $ 0.2. This landmark trend witnessed the Relatice (RSI) strength index, heading to the bottom very significantly, with the relative strength index sliding in particular in the sale area.
However, interesting technical expectations indicate that the price of Dogecoin It has reversed To the upward trend very soon to reach the ambitious price goal of $ 0.90.
Dogecoin trading near the bottom of the channel, where RSI indicates weakness
A recent analysis of TradingView analyst indicates to A possible purchase opportunity The relative strength index also slides to the sales lands. It is worth noting that this potential purchase opportunity, despite the continuous decline, depends on the current preparation with RSI and Party Pattern, which reminds us of the previous prices for Dogecoin.
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Technical analysis shows Dogecoin has moved inside the upper channel style over the past year. This style was characterized by frequent bounces between resistance levels and support. It is worth noting that the current price procedure shows Dogecoin near the lower border of this channel, as the previous repercussions sparked recovery.
However, the current trading in the lower limits is more interesting because of its meeting with the relative power index for one day, which slipped into the sales lands. This phenomenon reflects the conditions of circumstances as of August 2024, before Dogecoin goes directly in a noticeable gathering between September and 2024. Just like August 5, 2024 bottom.
1 MA200 and Fibonacci Day extending a point to $ 0.90 target
Based on historical trends, the current price preparation indicates that the gathering can be on the horizon within the next few weeks. The last time that this origin was offered the same market conditions (trading near the lower border of UP channel with RSI for one day), witnessed an amazing increase of 480 %, in the end. Access to multi -year peak 0.475 dollars.
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It is worth noting that this peak price is almost ideally in line with the extension level of 1.618 Fibonacci when it is width from the bottom of August 2024. If a similar scenario is revealed, the same date may be repeated with another equivalent gathering in the coming months. In this case, the analyst has set $ 0.90 as a potential goal, drawn again from the extension of 1.618 Fibonacci, this time it is expected that the March decrease is about $ 0.18.
Beyond the corresponding versions of the prices on the DOGECOIN price scheme, the feeling of the market is a major factor. Despite the technical goal of $ 0.90 based on 1.618 Fibonacci, achieving this level is an increasing challenge under the current market conditions, especially with the declining pressure Bitcoin escalate.
DOGECOIN support between $ 0.19 and $ 0.2 Under pressure, Failure to keep this level can lead to a deeper decline of about $ 0.16 or even $ 0.14. At the time of this report, Dogecoin is traded at $ 0.1972, a decrease of 1.47 % over the past 24 hours.
Distinctive image from Unsplash, Chart from TradingView.com
