After Dropping to $0.31, Dogecoin Reached RSI 59, Here's What Happened Last Time

Over the last two weeks and 24 hours, Dogecoin has fallen. Dogecoin has failed to gain momentum over $0.30, although it has held steady above $0.31. On social media site X, crypto expert KrissPax spotted a similar fall in the Relative Strength Index (RSI) signal during this price decline. Dogecoin's RSI reached 59, indicating bullish potential in the current market cycle.

On X, crypto researcher KrissPax called Dogecoin's RSI at 59 a technical indication. Note that the technical analysis uses the Dogecoin weekly timeframe chart. Dogecoin's weekly RSI has been falling since early December, after peaking around 90, according to the data.

The meme currency was overbought due to intense purchasing pressure. Dogecoin's price plummeted as the RSI dropped sharply due to severe selling pressure from holders. The decline dropped the RSI below 70 and 60, confirming negative sentiment.

Dogecoin's weekly RSI has steadied at 59 since December 16. This stability may indicate a momentary respite in selling pressure or a more substantial change in Dogecoin's price direction. This is supported by KrissPax historical data.

Dogecoin's weekly RSI last reached 59 on October 29, when it was $0.15. The rally was extraordinary. Dogecoin reached $0.475 after weeks of rising.

Dogecoin's weekly RSI of 59 forecasts more spike in the coming weeks. This means that Dogecoin might rise to $0.6, as KrissPax predicted.After reaching this top, the crypto market may retreat below $0.45 before continuing its upward trend due to its unpredictability.

Dogecoin is now trading at $0.316, and a climb to $0.60 would be a 90% gain. Dogecoin has bounced back from $0.31 numerous times in the previous 24 hours.

However, it lacks the upward energy to start moving higher. Dogecoin faces another short-term drop if it fails to break $0.316. Both $0.31 and $0.30 are important support levels. $0.33, $0.35, and $0.40 are resistance levels.

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