Fun

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

News Feed - 2025-03-09 12:03:12

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español.


Dogecoin has been trading in a bearish momentumin the past few weeks, which has caused its price to break below critical resistance levels around $0.3 and now struggling around $0.2. This downtrend has seen the Relatice Strength Index (RSI) indicator trending downwards very massively, with the 1-day RSI particularly slipping into oversold territory.


However, an interesting technical outlook suggests that the Dogecoin price might reverseto the upside very soon to reach an ambitious $0.90 price target. Dogecoin Trading Near Channel Bottom As RSI Signals Weakness


A recent analysis from a TradingView analyst points to a possible buying opportunityas the 1-day RSI slips into oversold territory. Notably, this possible buying opportunity, despite the ongoing decline, is based on the current setup with the RSI and chart pattern, which is reminiscent of past price bottoms for Dogecoin. Related Reading Dogecoin Price Turns Bullish With 1-Day RSI In Oversold Region, Why DOGE Can Reach $0.9 20 hours ago


Technical analysis showsthat Dogecoin has been moving within a Channel Up pattern for the past year. This pattern has been characterized by a repeated bounce between resistance and support levels. Notably, the current price action shows Dogecoin near the lower boundary of this channel, where past bounces have triggered recoveries.  Source: Chart on Tradingview


However, the current trading at the lower boundary is more interesting because of its confluence with the 1-day RSI, which has slipped into oversold territory. This phenomenon mirrors conditions from August 2024, just before Dogecoin went on a remarkable rally between September and December 2024. Furthermore, the bearish wave is under the 1-day MA200 with the 1-day RSI oversold, just like theAugust 5, 2024 bottom. 1-Day MA200 And Fibonacci Extension Point To $0.90 Target


Based on historical trends, the current price setup suggests that a rally could be on the horizon over the next few weeks. The last time this asset exhibited the same market conditions (trading near the lower boundary of its Channel Up pattern with an oversold 1-day RSI) it experienced a staggering 480% surge, eventually reaching a multi-year peak of$0.475.  Related Reading Dogecoin $10 Price Target Back In Play? Here’s What The Charts Say 1 month ago


Notably, that price peak aligned almost perfectly with the 1.618 Fibonacci extension level when projected from the August 2024 bottom. If a similar scenario unfolds, history could repeat itself with another parabolic rally in the coming months. In this case, the analyst has set $0.90 as a potential target, derived once again from the 1.618 Fibonacci extension, and this time projected from the March low around $0.18.


Beyond price mirroring on the Dogecoin price chart, sentiment surrounding the market is a key factor. Despite the technical target of $0.90 based on the 1.618 Fibonacci extension, achieving this level seems increasingly challenging under current market conditions, especially with bearish pressure mounting on Bitcoin. 


Dogecoin’s support between $0.19 and $0.2 is under pressure,and failure to hold this level could trigger a deeper retracement toward $0.16 or even $0.14. At the time of writing, Dogecoin is trading at $0.1972, down by 1.47% in the past 24 hours. DOGE trading at $0.19 on the 1D chart | Source: DOGEUSDT on Tradingview.com


Featured image from Unsplash, chart from Tradingview.com

News Feed

Netherlands-Based Coinbase Customers Required to Submit KYC Data When Transferring Crypto off the Platform
Netherlands-Based Coinbase Customers Required to Submit KYC Data When Transferring Crypto off the Platform Coinbase has announced that the company plans to introduce a number of ch
Helen Partz10 hours agoNasdaq halts launch of cryptocurrency custody serviceNasdaq said it remains committed to digital asset business development and will be monitoring market events in the near future.6293 Total views1
Arijit Sarkar54 minutes agoMixin Network hack drains $200M from mainnet assetsMixin Network suspended all deposits and withdrawals and will restart the services “once the vulnerabilities are confirmed and fixed.”688
Ethereum Ready For Explosive Breakout: $5,791 The Minimum Target–Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Helen Partz11 hours agoUK tops crypto activity in Central, Northern and Western Europe: ChainalysisCrypto adoption in the United Kingdom has been growing as the country adopts more regulations targeting crypto and stable
Uganda Central Bank Tells Licensed Entities to Stop Facilitating Crypto Transactions
Uganda Central Bank Tells Licensed Entities to Stop Facilitating Crypto Transactions The Ugandan central bank has warned licensed entities and the public against facilitating crypt
India Lists Cryptocurrency Bill to Be Taken up in Parliament — Crypto Legislation Expected Before Year-End
India Lists Cryptocurrency Bill to Be Taken up Parliament — Crypto Legislation Expected Before Year-End The government of India has listed a cryptocurrency bill to be taken up in
Bitcoin Investors Watch Out: Miners Showing Unusual Exchange Inflow Activity
Este artículo también está disponible en español. On-chain data shows the Bitcoin miners have been making an unusually high number of transactions to centralized exchange
Fairspin Casino Players Won Over 40,000 ETH
Fairspin Casino Players Won Over 40,000 ETH Blockchain casino Fairspin paid out more than 40,000 ETH to players in its first full year of operation.
Hacker gets 3.5 years prison for $900K Coinbase login scam: Report
Brayden Lindrea3 hours agoHacker gets 3.5 years prison for $900K Coinbase login scam: ReportA UK hacker faces prison for his Coinbase dummy website scam, an El Paso man’s alleged crypto “Ponzi” funded his lavish li
Telecom company fined $1M for role in Biden deepfake scam
Amaka Nwaokocha55 minutes agoTelecom company fined $1M for role in Biden deepfake scamThe Biden deepfake scam highlights the risks of emerging tech and the need for regulation to safeguard elections and public trust.334
Starknet set for first mainnet staking vote: What STRK holders need to know
Josh O"Sullivan11 hours agoStarknet set for first mainnet staking vote: What STRK holders need to knowStarknet’s inaugural staking vote introduces mechanisms for minting and parameter adjustments, paving the way for st