Dogecoin Weekly RSI Approaches MA Line, Potential for New ATH
Crypto analyst Master Kenobi provided insights into Dogecoin's price action, indicating that the meme coin is nearing the moving average (MA) line, potentially leading to a new all-time high (ATH).
Dogecoin Eyes ATH As Weekly RSI Approaches The MA Line
In an X post, Master Kenobi noted that Dogecoin’s weekly Relative Strength Index (RSI) is approaching the MA, which is a critical level for confirming upward movement. Clearing these barriers could position the current ATH of $0.74 as the next target for Dogecoin.
Master Kenobi also mentioned that DOGE has had a solid week but is unlikely to close in the ATH zone. He highlighted resistance at the upper green trendline on his chart, following a successful test of the lower green trendline two weeks prior.
From a fundamentals perspective, he suggested that Donald Trump’s reinstatement could act as a significant catalyst for Dogecoin to reach its ATH.
Analyst Kevin Capital outlined further conditions for Dogecoin to surpass its ATH: breaking the macro golden pocket at $0.49, the Fib .703 level at $0.53, and exceeding $0.59. A clear break above $0.59 would facilitate a new ATH for Dogecoin.
DOGE Ready For Next Leg Up
Dogecoin appears primed for the next leg of its bull run. Analyst Trader Tardigrade reported a MACD bullish crossover on the daily chart, noting that previous crossovers led to significant price increases, such as a rise from $0.11 to $0.43.
He suggested that Dogecoin could experience a similar rally, with potential to reach the psychological $1 level. Trader Tardigrade also indicated that Dogecoin has entered distribution in the “Power of Three” (PO3) pattern, making $1 a reasonable target. Master Kenobi recently predicted that Dogecoin might surge to $1.2 if it breaks its ATH by the end of January.
Currently, Dogecoin is trading at approximately $0.38, reflecting over a 15% increase in the last 24 hours, according to CoinMarketCap.
