Originally published on: December 11, 2024
After soaring 208% in early November, Dogecoin (DOGE) has been trading between $0.35 and $0.48 for the past four weeks. Recent price corrections led to a bearish trend shift, but one analyst believes that Dogecoin is primed for another uptrend based on key technical indicators and a historical setup.
Trader Tardigrade, a crypto pattern analyst, noted that Dogecoin’s overbought signal on the daily RSI has been reset, indicating a potential breakout above $0.50 in the coming days. This signal, coupled with a 31% decrease in DOGE’s “mean dollar invested age” according to Santiment, suggests bullish momentum for the cryptocurrency.
While a short-term drop to $0.32 and $0.34 for liquidity collection could occur, the overall trend for Dogecoin remains bullish. A retest of the 50-day EMA and a potential drop to these levels before the next leg up is anticipated.
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