At what point will Dogecoin's price begin to rise again? Prediction from an Expert
A tremendous surge in value has been witnessed by Dogecoin (DOGE) as of late. In just eight days, DOGE's value increased by about 200%, peaking at $0.4385 on Tuesday. The daily Relative Strength Index (RSI) soared to over 93 due to this meteoric rise, indicating very overbought circumstances.
With a 19% correction since then, Dogecoin is now trading at $0.37 (at the time of publishing). Kevin, a crypto analyst who has been famous on X for his Dogecoin price assessments, claims that the corrective period could still be ongoing. Kevin discusses the lowest point Dogecoin may go before starting to rise again in a series of updates.
Can Dogecoin Fall Any Lower?
According to Kevin, the $0.30-0.26 area is the golden pocket retrace levels and the initial price objective for Dogecoin that we should aim to hold. "That's an ideal size correction in a bull market—30–40% from the local top."
Kevin elaborated on why RSI levels are so important for market prediction. The best thing that could happen to Dogecoin would be a good pullback or consolidation of one to three weeks to chill down signs. This occurred more than once throughout the ascent in 2020 and 2021, he said. "The technical data I am reviewing still supports my opinion that this occurs soon."
"During the 2020–2021 bull market for Dogecoin, it reached a 90+ on daily RSI three times. Each time, it signaled a local top or consolidation period before the next leg up," he continued, drawing parallels to the previous surge. For the first time, the daily RSI is over 90, suggesting that the bull market may have one or two more legs before reaching the macro peak. As an aside, the third and second legs were noticeably larger than the first.
A symmetrical triangle, a chart pattern commonly linked with consolidation periods preceding large price moves, was generated by the Dogecoin price activity on the lower time frames. "Keeping tabs on this peculiar Dogecoin symmetrical triangle," Kevin said. I really don't care which way this goes. The daily RSI at 90+ still leans me toward the correction.
Traders assess the height of the triangle's base, which is the widest section of the formation, to determine the possible size of the price decline following the collapse from the symmetrical triangle. The price movement objective is then established by projecting this measurement downward from the moment of breakdown.
This approach, when applied to Dogecoin, points to a reversal towards the $0.28 mark, which is in line with Kevin's prediction for a goal between $0.30 and $0.26. "After watching the market movement, it appears that the correction I have been predicting for the past few days is starting on Dogecoin," Kevin affirmed. You can't just stand there, everyone. Declines are beneficial since they allow us to reset the indicators and move upward. I hope that telling the truth no longer makes anyone angry with me.
Dogecoin has retraced roughly 19% from its local peak and is currently trading at around $0.37. Although $0.35 seems to have provided short-term support, a further fall is still possible given that the daily RSI has only reset to 80, which is still in overbought zone.
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