Crypto analyst Javon Marks has identified a potentially bullish setup for Dogecoin (DOGE). In a tweet, Marks highlighted that DOGE’s Relative Strength Index is nearing a breakout point.
This development, combined with a hidden bullish divergence, suggests a major upward move may be imminent. Marks projects a possible 513% climb, targeting a price of $0.6533 for the meme coin.
Marks’ analysis centers on the recent price action and RSI behavior of Dogecoin. The crypto has successfully broken out of a key resistance structure, maintaining its position above this newly formed support level.
$DOGE (Dogecoin)'s RSI is nearing a breakout point and diverging (Hidden Bull) with Prices, a major bull move could be on the way!With prices still broken out of a once key resisting structure, this bull move could be part of an over 513% climb to reach the $0.6533 target and… https://t.co/cxjLvdLAwn pic.twitter.com/lJRGql8Q16
— JAVON MARKS (@JavonTM1) August 19, 2024
The RSI, a momentum indicator, is displaying a pattern of higher lows. This pattern contrasts with the relatively flat or slightly declining price action, creating a hidden bullish divergence.
Such divergences often precede price increases, especially when occurring near key support levels or after a breakout.
The Significance of RSI Breakout
The RSI’s approach to its own breakout point is particularly noteworthy. A breakout in the RSI could signal a surge in bullish momentum for Dogecoin. This technical development aligns with the broader bullish narrative suggested by the price action breakout.
Marks emphasizes the potential speed of the anticipated move. He suggests that if the bullish scenario unfolds, DOGE could experience a rapid rally towards the $0.6533 target. This projection represents a substantial increase from current price levels.
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Confluence of Bullish Indicators
The combination of the price breakout and the RSI’s behavior creates a compelling case for a potential DOGE rally. The hidden bullish divergence in the RSI indicates building momentum, even as prices have remained relatively stable. This discrepancy often resolves with a strong price movement in the direction of the RSI trend.
Moreover, the sustained price action above the former resistance level suggests that sellers may be exhausted. This could pave the way for buyers to take control, potentially fueling the projected upward move.
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The post Dogecoin Price Poised for 513% Surge: Meme Coin Analyst Highlights These Key Bullish Indicators appeared first on CaptainAltcoin.
