According to dogegod, this pattern could be expected to repeat in the current cycle, with a potential start as early as the first week of September. #DogecoinCommunity
He anticipated that the coming weeks could be predominantly bullish for Dogecoin, mirroring the previous cyclesâ behavior after the critical intersection.
Fundamentals and market indicators
In addition to these technical patterns, Dogecoinâs fundamentals have also shown notable trends in recent months.
According to data from Santiment, the number of active Dogecoin addresses has seen a significant decline, dropping from 4.5 million active addresses in March to below 600,000 as of press time. #dogeâĄ
This reduction in active addresses could suggest a decrease in user activity and engagement, which might impact DOGEâs price negatively, if the trend continues.
Furthermore, data from CryptoQuant revealed that Dogecoinâs Relative Strength Index (RSI) was sitting at a neutral condition with a figure of 50 at press time. #BNBChainMemecoins
The RSI is a momentum oscillator used in technical analysis to measure the speed and change of price movements.
An RSI of 50 indicates that the asset is neither overbought nor oversold, suggesting that the market sentiment towards Dogecoin is balanced. #CryptoMarketMoves
This neutral RSI could mean that Dogecoin is in a consolidation phase, where neither buyers nor sellers have a clear advantage, potentially leading to a period of sideways price movement before a more decisive trend emerges.#BinanceBlockchainWeek
