Dogecoin has been struggling to reach new high levels with promising new movements, this follows it breakout of a falling wedge pattern on the H1 chart. The technical analysis indicates a probable reversal in it price trend. The breakout comes after Dogecoin tested key support levels, creating an opportunity for a price shift upward.
RSI breakout confirms a positive move
The Relative Strength Index for DOGE also matches the expected bullish trajectory. After entering the oversold zone, the RSI shows a clear breakout, signaling increased buying pressure. This combination of technical factors indicates a positive shift for Dogecoin in the short term.
After the oversold condition, DOGE later broke above the oversold zone, signaling a possible price rebound. The RSI began to rise, confirming the breakout. The market’s price action aligns with the RSI’s upward movement, indicating that Dogecoin might experience further upward momentum.
This was in the form of breaking out around the 0.1550 indicating that participants in the market must have responded to the shifting signals on the technical aspect. This breakout emerges when there has been a downward price trend in the market and is signified by the wedge pattern. By analyzing H1 chart, there is a potential bounce back for the DOGE after a breakout along with the rise of RSI in the oversold region.
Dogecoin’s current market action
Despite the expected uptick by market analysts, Dogecoin seems to be trending sideways. CoinMarketCap data notes that the current prices exchange at a price value of $0.1556, leading to a dip of 0.28% in one day. Additionally, the market cap reads at $23.17 billion while the volume notes a value of $708.93 million, a 15.76% dip. The circulating supply of DOGE is 148.87 billion tokens, and it is the total supply as well, as no maximum supply is set.
This graph illustrates the fluctuation of Dogecoin’s price within the past 24 hours. Beginning with a price of approximately $0.1562, it went down slightly to the lowest point and then began moving up to $0.1556. Currently, the volume to market capitalization stands at 3.06%.
