Dogecoin’s RSI at 63.91 shows strong momentum, with room for more gains if the bullish trend continues.
Critical support at $0.34 and $0.23 may drive buying activity if DOGE dips, sparking further price increases.
A breakout above $0.44 could trigger a sharp rally, potentially pushing Dogecoin toward the $0.85 target.
Dogecoin, which is presently trading at $0.41085, is on a solid rising trajectory. Master Kenobi, the analyst, pointed out an important technical trend. The Dogecoin's 4-hour Relative Strength Index chart indicates growing momentum, which could indicate a price spike.
If the positive trend continues, the next major target for DOGE may be $0.85, which is anticipated by November 25th. A potential bullish divergence also appears within the chart, adding to the optimism.
https://twitter.com/btc_MasterPlan/status/1860106646560952588 RSI and Key Support Levels
The 4-hour chart reveals that Dogecoin's RSI stands at 63.91, indicating increasing strength without reaching an overbought level. This suggests that there is room for further upside. Additionally, the chart marks critical support levels at $0.34, $0.23, and several lower points, which have previously held strong. These levels act as buying zones where DOGE has consistently bounced back. Hence, any dip in these support areas could attract buying activity, fueling further price increases.
On the flip side, resistance levels are at $0.44, $0.74 (the all-time high), and $0.85. If Dogecoin manages to break above the $0.44 resistance, the price could quickly target $0.74, possibly leading to $0.85. The symmetrical patterns of past price movements show that once resistance is cleared, DOGE tends to experience sharp rallies. Hence, a breakout above $0.44 could trigger significant growth, moving closer to the $0.85 mark.
Historical Volatility and Market Activity
Master Kenobi also pointed out the historical behavior of Dogecoin’s price. In the past, price consolidations have been followed by rapid breakouts, and the current pattern suggests a similar scenario.
The current setup shows a rounded consolidation, which typically precedes further upward movement. Moreover, each breakout has been accompanied by higher volume and stronger market activity, further supporting the case for a bullish continuation.
The post RSI and Support Levels Signal $0.85, Is Dogecoin Ready for a Major Breakout? appeared first on Crypto News Land.
