Why DOGE’s rise to $0.50 again isn’t as easy as you think

Click the avatar live, watch the live broadcast to understand the bull market!!!

Over the past thirty days, only a few exceptions among memecoins have maintained their upward momentum. Both Dogecoin and Catcoin have seen double-digit declines, falling far below the psychological target. Even the largest memecoin, Dogecoin [DOGE], has not been spared.

However, as the market begins to recover from the recent crash, even memecoin is showing signs of recovery, with DOGE up 11% from the previous day’s close.

Momentum is building. However, DOGE still has a long way to go to recover its losses and drive stakeholders to profitability.

How can DOGE break out?

Looking at the daily chart, signs of profit-taking are clear, with Dogecoin approaching $0.50, a level it has not touched in three years. For cautious investors, cashing out at the peak is a straightforward decision.

Now, with the RSI falling below 40, a rebound seems possible. A lower RSI usually indicates an oversold asset, which is an attractive opportunity to buy on the dip.

However, history has taught us that caution is the way to go. While DOGE’s RSI dips below 40 have occasionally sparked minor bullish moves, its notorious volatility has kept traders on edge.

Only when Dogecoin’s momentum coincides with Bitcoin’s peak did it reach overheated territory.

So, can Bitcoin lead Dogecoin out of its two-week consolidation period? After weeks of long red candles on Dogecoin’s daily chart, we’re finally seeing some relief with a strong double-digit rally.

The surge coincides with Bitcoin’s recovery from its recent crash, so this momentum could push DOGE higher further.

However, for memecoins like DOGE, things are rarely that simple. While the low price tag may be tempting, retail buyers are already showing signs of fatigue. The speculative nature of these currencies is starting to take its toll — a trend worth exploring in depth.

Click on the avatar live, watch the live broadcast to understand the bull market! ! !