- RSI resets signal renewed momentum after overbought phases and corrections.
- UTXO data shows strong accumulation zones below the $0.36 mark.
- Falling wedge breakout supports a potential rally toward $0.32 resistance level.
Dogecoin is showing renewed bullish momentum after a series of technical signals on the 4-hour chart. Recent price action has formed patterns that traders link to potential upside continuation. Analysts note that momentum indicators and historical price data support the possibility of a larger rally.
RSI Resets and Repeated Breakout Structures
Trader Tardigrade highlighted that Dogecoin has recently completed a notable technical setup on its 4-hour chart. The price saw two distinct phases where the Relative Strength Index (RSI) moved above 70, signaling overbought conditions.
Each of these phases was followed by a correction in which the RSI dropped below 50, indicating a cooling period before resuming gains. The chart shows two similar bullish breakout structures, where consolidations formed along descending trendlines before the price accelerated upward.
Following the latest RSI reset, DOGE has started another sharp rally. Projections from this setup suggest a continuation toward the $0.30 level, provided momentum holds and market sentiment remains supportive.
Glassnode Data Highlights Key $0.36 Threshold
Ali Martinez, citing Glassnode data, pointed to Dogecoin’s UTXO Realized Price Distribution (URPD) as a guide for potential resistance zones. The URPD shows a large concentration of realized prices below $0.36, which analysts interpret as strong historical accumulation.
Martinez explained that a move above $0.36 could leave little resistance until the $0.70 area. This is due to limited historical trading volume between these two price levels, which could reduce selling pressure and enable faster price movement. The analysis suggests that once $0.36 is cleared, the market could see accelerated momentum driven by renewed buying interest.
Falling Wedge Breakout and Head-and-Shoulders Bottom
Dogecoin’s 4-hour chart on MEXC reveals a bullish reversal pattern emerging after a prolonged decline. Price action formed a falling wedge before breaking upward, completing the “Head” in a head-and-shoulders bottom pattern.
The recent pullback aligns with the formation of the “Right Shoulder,” indicating possible continuation if the structure is complete. Analysts identify $0.26 as the first short-term resistance target, with $0.32 as a longer-term objective if buying pressure persists. Current trading near $0.2246 reflects consolidation, which could precede another upward break.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.