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Dogecoin Price Turns Bullish With 1-Day RSI In Oversold Region, Why DOGE Can Reach $0.9

March 9, 2025Updated:March 9, 2025No Comments4 Mins Read
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Dogecoin Price Turns Bullish With 1-Day RSI In Oversold Region, Why DOGE Can Reach alt=
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Dogecoin Price Turns Bullish With 1-Day RSI In Oversold Region, Why DOGE Can Reach $0.9

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Dogecoin has been buying and selling in a bearish momentum up to now few weeks, which has prompted its value to interrupt under crucial resistance ranges round $0.3 and now struggling round $0.2. This downtrend has seen the Relatice Energy Index (RSI) indicator trending downwards very massively, with the 1-day RSI notably slipping into oversold territory.

Nevertheless, an fascinating technical outlook means that the Dogecoin value may reverse to the upside very quickly to achieve an bold $0.90 value goal.

Dogecoin Buying and selling Close to Channel Backside As RSI Indicators Weak spot

A current evaluation from a TradingView analyst factors to a attainable shopping for alternative because the 1-day RSI slips into oversold territory. Notably, this attainable shopping for alternative, regardless of the continuing decline, relies on the present setup with the RSI and chart sample, which is paying homage to previous value bottoms for Dogecoin.

Associated Studying

Technical evaluation exhibits that Dogecoin has been shifting inside a Channel Up sample for the previous yr. This sample has been characterised by a repeated bounce between resistance and assist ranges. Notably, the present value motion exhibits Dogecoin close to the decrease boundary of this channel, the place previous bounces have triggered recoveries. 

Dogecoin
Supply: Chart on Tradingview

Nevertheless, the present buying and selling on the decrease boundary is extra fascinating due to its confluence with the 1-day RSI, which has slipped into oversold territory. This phenomenon mirrors situations from August 2024, simply earlier than Dogecoin went on a exceptional rally between September and December 2024. Moreover, the bearish wave is underneath the 1-day MA200 with the 1-day RSI oversold, identical to the August 5, 2024 backside.

1-Day MA200 And Fibonacci Extension Level To $0.90 Goal

Primarily based on historic developments, the present value setup suggests {that a} rally might be on the horizon over the subsequent few weeks. The final time this asset exhibited the identical market situations (buying and selling close to the decrease boundary of its Channel Up sample with an oversold 1-day RSI) it skilled a staggering 480% surge, finally reaching a multi-year peak of $0.475. 

Associated Studying

Notably, that value peak aligned nearly completely with the 1.618 Fibonacci extension degree when projected from the August 2024 backside. If an identical state of affairs unfolds, historical past might repeat itself with one other parabolic rally within the coming months. On this case, the analyst has set $0.90 as a possible goal, derived as soon as once more from the 1.618 Fibonacci extension, and this time projected from the March low round $0.18.

Past value mirroring on the Dogecoin value chart, sentiment surrounding the market is a key issue. Regardless of the technical goal of $0.90 based mostly on the 1.618 Fibonacci extension, attaining this degree appears more and more difficult underneath present market situations, particularly with bearish stress mounting on Bitcoin. 

Dogecoin’s assist between $0.19 and $0.2 is underneath stress, and failure to carry this degree might set off a deeper retracement towards $0.16 and even $0.14. On the time of writing, Dogecoin is buying and selling at $0.1972, down by 1.47% up to now 24 hours.

Dogecoin
DOGE buying and selling at $0.19 on the 1D chart | Supply: DOGEUSDT on Tradingview.com

Featured picture from Unsplash, chart from Tradingview.com



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1Day Bullish DOGE Dogecoin Oversold Price Reach region RSI turns
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