Dogecoin was recently on a shaky path, entering the march with a acute drop and only briefly recovering the momentum before he stumbled again. After the start of the month in the congress, the coin managed to return to the 0.20 USD mark in the middle of the ischemic week.
However, this recovery was compact -lived. Dogecoin Since then it has fallen Up to around 0.17 USD in the last 24 hours, and it is possible that it can immerse even more if sales pressure persists. However, despite the current withdrawal, the technical signal that previously preceded the main rallies, this cycle takes the shape of a weekly candle chart.
Weekly RSI equalization to the pattern of the mirror of the past stubborn
The relative indicator of Dogecoin (RSI) was In crazy leaving for months in many time frames. Taking the Social Media platform X, Tardigrade Trader Analyst Trader Tardigrade He emphasized the intriguing A phenomenon with the RSI indicator on the weekly Dogecoin candle chart. The analysis was carried out at the weekly times of Dogecoin candle and is watching the price of Meme Coin from September 2023.
In particular, the analyst noticed that the weekly RSI “suggests a strong potential reflection from the current level” before he probably added: “$ dog: $ 1 on the way”.
DOGE market cap currently at $25 billion. Chart: TradingView.com
What makes more than just another forecast is a technical confluence creating on a weekly candle chart. Over the past two weeks, Dogecoin has printed both dogs and an inverted hammer on a weekly time frame; Designs, which in combination with the falling RSI meant the beginning of powerful rallies in this cycle.
The same combination took place only twice earlier since September 2023. The first was in October 2023, when Dogecoin increased from 0.07 to 0.22 USD until March 2024. The second instance took place in September 2024, before the transition from 0.10 USD to 0.48 USD until December. The current configuration is currently trading for USD 0.17 Desirable price level $ 1.
Image From X: Trader Tardigrade
The compact -term discrepancy strengthens the hopes for recovery
In the next post, Trader Tardigrade also pointed out Forming stubborn discrepancies on the Hour Table of Dogecoin. “Dogecoin finds his bottom, while RSI signals signal a stubborn discrepancy on the hourly chart,” he wrote, adding that the coin may soon feel compact -term relief from disappearance.
This discrepancy indicates that the shoot is gradually rotating continuous price weakening. The discrepancy on the hourly candle chart is a compact -term signal. Although compact -term signals themselves are not enough to guarantee a long -term rally, they can be used as the first confirmation that the bottom is created.
Image From X: Trader Tardigrade
In the price of Dogecoin, this may mean a reflection from USD 0.17 if he manages to maintain it, and a reset of price traffic until April. However, the lack of maintaining this level due to the lack of stubborn shoots in the wider market It can annul compact -term optimism and place Dogecoin below 0.17 USD at the beginning of April.
A distinguished picture from Gemini Imagen, chart from TradingView
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