Dogecoin is showing signs of another potential price surge, with its daily RSI forming a breakout pattern. This event has occurred within a repeating 29-day interval, matching previous Dogecoin movements. Historical RSI structures indicate similar breakout patterns have triggered upward trends in the same timeframe.
Repeating RSI pattern seen on the daily chart
The Dogecoin breakout of the daily RSI shows the continuous breakout coinciding with previous bullish patterns. The relative strength index is currently crossing above a critical line, triggering a strong directional trend. The current RSI breakout coincides exactly with the 29th day since the last sharp uptick.
Trader Tardigrade states that RSI levels also tend to cross upwards in this time around then forming an identical slope and breakout pattern. Current Dogecoin’s RSI matches the angle and strength of the prior breakouts that were accompanied with significant price swings.
From the analysis, Dogecoin’s RSI movement is not isolated. The asset’s broader chart also exhibits support for this breakout structure. The MACD line remains above the signal line, and price action continues to trend above the 50-day average.
Dogecoin price reacts to technical conditions
On-chain and technical indicators are in line with RSI development. The structure of the prices continues to be an upward trend with evident higher lows in the recent sessions. The 29-day duration of the current setup is within an expected period when having a similar past event.
The daily candle also closes above support zones, reinforcing the ongoing setup.
According to CoinMarketCap data at the time of press, Dogecoin is trading at $0.1838 after rising 6.62% in the last 24 hours. Market capitalization reached $27.42 billion, up 6.67%. Trading volume surged to $1.17 billion, showing a 56.08% increase. The price chart shows a steady upward movement from $0.1727.
Volume data accompanying the RSI breakout has remained the same with earlier breakouts in the same 29-day cycle. Trading volumes have not yet spiked significantly but remain steady. Historical records from earlier RSI breakouts show that volume often rises several days after the breakout formation.
