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Dogecoin was Exchange in a downward dynamic In recent weeks, which has caused the break in its price below critical resistance levels around $ 0.3 and now has difficulties at around $ 0.2. This downward trend has seen the indicator of the index for the resistance of relatries (RSI) down considerably down, the RSI to 1 day slipping particularly in the territory occurring.
However, an interesting technical perspective suggests that the price of dogecoin could reverse Right up very soon to achieve an ambitious price target of $ 0.90.
DOGECONE TRADING near the bottom of the canal as RSI signals the weakness
A recent analysis of a tradingView analyst indicates a Possible purchase opportunity While the RSI for a day slips into the territory of occurrence. In particular, this possible purchase opportunity, despite the continuous decline, is based on the current configuration with the RSI and graphic model, which recalls the low price for Dogecoin.
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Technical analysis shows This Dogecoin moves in a channel model in the past year. This model was characterized by a repeated rebound between resistance and support levels. In particular, the current price action shows that Dogecoin near the lower limit of this channel, where past rebounds have triggered recovery.
However, current trading at the lower limit is more interesting because of its confluence with the RSI of a day, which slipped into the occurrence territory. This phenomenon reflects the conditions of August 2024, just before Dogecoin appeared at a remarkable rally between September and December 2024. In addition, the Bearish wave is under the MA200 to 1 day with the survenol RSI at 1 day, Just like the August 5, 2024 below.
MA200 to 1 day and Fibonacci Point extension to $ 0.90 target
Based on historical trends, the current price configuration suggests that a gathering could be on the horizon in the coming weeks. The last time that this asset had the same market conditions (exchanging near the lower limit of its channel model with an RSI occurring a day), it experienced an astounding wave of 480%, possibly reach a multi -year peak of $ 0.475.
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In particular, this price of the prices drew almost perfectly with the level of extension of Fibonacci of 1.618 when projected from the bottom of August 2024. If a similar scenario takes place, the story could repeat itself with another parabolic rally in the coming months. In this case, the analyst set $ 0.90 as a potential target, once again derived from the extension of Fibonacci 1.618, and this time projected from the hollow of March around $ 0.18.
Beyond mirror prices on the Dogecoin prices table, the feeling surrounding the market is a key factor. Despite the technical objective of $ 0.90 based on the extension of 1.618 fibonacci, damage to this level seems more and more difficult in current market conditions, in particular with the downwate Bitcoin assembly.
Dogecoin support between $ 0.19 and $ 0.2 is under pressure, And non-compliance with this level could trigger a deeper retrace to $ 0.16, or even $ 0.14. At the time of writing the editorial staff, Dogecoin is negotiated at $ 0.1972, down 1.47% in the last 24 hours.
Felash star image, tradingView.com graphic
