Dogecoin Price Shows Potential to Reach $0.90 Amid Oversold RSI
Dogecoin is currently experiencing bearish momentum, trading below key resistance levels around $0.3 and struggling near $0.2. The Relative Strength Index (RSI) indicates a significant downtrend, with the 1-day RSI entering oversold territory.
Key points:
- Possible short-term price reversal to $0.90 based on technical analysis.
- Current price action is at the lower boundary of a Channel Up pattern.
- Historical trends suggest potential for a rally, as past similar conditions led to a 480% surge.
- Target of $0.90 derives from the 1.618 Fibonacci extension projected from March lows.
- Market sentiment may hinder this target due to bearish pressure on Bitcoin.
- Support levels between $0.19 and $0.2 are critical; failure to hold could lead to deeper retracement toward $0.16 or $0.14.
As of now, Dogecoin trades at $0.1972, reflecting a 1.47% decrease in the past 24 hours.
