Dogecoin Rises to $0.1491 on Overbought RSI: A Correction Ahead?

Dogecoin's latest price spike to $0.1491 has overbought the Relative Strength Index (RSI), suggesting a momentum change. The coin may be overpriced if the RSI rises above 70%, suggesting a price fall. This is a key time for DOGE's price trend as purchasing pressure weakens and market players prepare for a correction.

The RSI indicates overbought circumstances for Dogecoin's latest surge to $0.1491. Key technical indications, market responses, and the possibility of a DOGE price correction will be used to determine whether the rise has peaked and if a collapse is impending.

The Dogecoin Implications of Overbought RSI

After failing to break over $0.1491 barrier on the 4-hour chart, Dogecoin's price is reversing bearishly while trading above the 100-day SMA. This failing to break the crucial level has sparked selling pressure, showing that bullish momentum may be fading and that the asset may retrace into lower support levels, foreshadowing a possible market correction.

According to DOGEUSDT on Tradingview.com, Dogecoin may have a negative reversal after failing to breach over $0.149.
DOGE's 4-hour Relative Strength Index (RSI) is at 80%, considerably above the 50% mark, suggesting overbought and strong upward trend. However, this rising RSI signals a decline owing to weakening purchasing pressure.


The rejection wick on the current candlestick shows weakness for DOGE on the daily chart. This wick shows that buyers sought to push the market higher but received heavy selling pressure, suggesting bullish momentum is waning. This tendency may lead to greater decline in the following days.

Finally, Dogecoin's 1-day RSI showed an overbought state, suggesting a price reversal. This high RSI level usually indicates strong buying pressure and recent trading gains. Being in the overbought zone signals a correction or retreat due to buyer profit-taking and fresh selling pressure.

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