Originally published on: December 11, 2024
Dogecoin has been making waves in the crypto world, with its recent rally topping $0.50 on the horizon. After a solid 208% increase in early November, DOGE has been trading in a narrow range between $0.35 and $0.48 for the past four weeks. A correction in its price led to a break below a crucial trendline, signaling a potentially bearish trend shift.
However, all hope is not lost for Dogecoin enthusiasts. Analysts are optimistic about the future of DOGE, pointing to key technical indicators that suggest another uptrend is on the horizon. One such indicator is the reset of the daily RSI, which had been showing signs of being overbought.
In the past, whenever Dogecoin’s RSI eased back from overbought conditions, a strong uptrend followed. This trend could repeat itself, with a breakout above $0.50 looming in the near future, according to experts.
Additionally, data from Santiment indicates that DOGE’s “mean dollar invested age” is flashing a bullish signal, showing a significant decrease in investment age over the past eight weeks. This suggests that dormant coins are re-entering circulation, fueling further bullish momentum for Dogecoin.
While a short-term drop in price to around $0.32 and $0.34 could occur to collect liquidity, the long-term outlook remains positive for DOGE. Past patterns and indicators suggest that Dogecoin is gearing up for another bullish leg up, potentially reaching new highs in the coming days.
Remember, this article is for informational purposes only and does not constitute investment advice. Make sure to conduct your own research and analysis before making any investment decisions. Stay tuned for more updates on Dogecoin’s exciting journey to $0.50!