Dogecoins RSI at 2017 Levels: Is a New Bull Run on the Horizon?
Dogecoin (DOGE), mm-bsd cryptocurrncy known for its nthusistic community, is crting buzz mong invstors nd trdrs. A rcnt nlysis by th stmd crypto nlyst Mstr Knobi indicts tht DOGE my b on th brink of notbl pric incrs drivn by blnd of tchnicl signls nd pst trnds.
Knobis ssssmnt rlis on th Rltiv Strngth Indx (RSI), tool for msuring momntum nd idntifying potntil ovrbought or ovrsold conditions. Th currnt wkly RSI for DOGE mirrors lvls obsrvd bfor its mjor pric rllis in 2017 nd 2020.
Knobi highlights tht, historiclly, Dogecoin sw substntil pric growth following Bitcoins hlving vnts. Spcificlly, ftr th first hlving, bull mrkt bgn 217 dys ltr, nd ftr th scond, 168 dys ltr. With th most rcnt Bitcoin hlving occurring bout 140 dys go, Knobi prdicts tht Dogecoin could b st for nothr significnt pric ris.
Morovr, Knobi nots tht DOGEs RSI hs rrly dippd blow its currnt lvl in th pst dcd. This obsrvtion strngthns th xpcttion tht th cryptocurrncy might b on th vrg of mjor shift, potntilly offring lif-chnging opportunity for invstors, providd historicl pttrns rpt.
Dogecoin Consolidation Phase Ends
Anothr Crypto nlyst VIAQUANT hs ddd to th positiv outlook on DOGE, suggsting tht th cryptocurrncy is pproching th nd of its consolidtion phs. This phs, mrkd by rltivly stbl prics, my soon ld to significnt pric incrs. VIAQUANT points to robust support from vrious moving vrgs s vidnc of this buildup.
Spcificlly, VIAQUANT highlights th rcnt succssful dfns of th 200-dy moving vrg on th 3-dy chrt. Additionlly, th rcnt bounc off th 100-dy moving vrg on th wkly chrt, forming bullish prfct rilrod trck pttrn, nd sustind support bov th 21-dy moving vrg on th monthly chrt furthr rinforc th positiv sntimnt. Ths fctors collctivly suggst tht DOGE is wll-positiond for substntil pric ris in th nr futur.
Currntly, Dogecoin is trding t $0.094, rflcting 3.24% dclin ovr th pst 24 hours nd 7.09% drop ovr th pst wk. This dclin highlights th brodr brish trnds impcting th cryptocurrncy mrkt. Howvr, if th forcsts by VIAQUANT nd Mstr Knobi hold tru, this pric dip might b tmporry, potntilly stting th stg for significnt upwrd movmnt in DOGEs vlu.
Looking forwrd, Mstr Knobis rlir projctions provid optimistic pric trgts for DOGE. Th nlyst prdicts Dogecoin could hit $0.89 by Novmbr 2024, ris to $2.2 by Fbrury 2025, nd rch n imprssiv $6.9 by th nd of Mrch 2025.
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Read more: https://www.tronweekly.com/dogecoins-new-bull-run-on-the-horizon/
Text source: TronWeekly
