- DOGE rebounds near $0.10 from marked weekly support zone.
- RSI shows oversold levels with hidden bullish divergence signal.
- Analyst cites confluence of support and momentum indicators.
Dogecoin is drawing attention after a technical setup suggested a possible bottom formation. An analyst pointed to multiple indicators aligning on the weekly chart. The data is from TradingView for DOGE/USDT on Binance.
Daniel Ramsey shared his view on social media, stating, “$DOGE is bottomed out IMO.” He added that price is “Bouncing off the confluence of Key Zone + Hidden Bullish Dive + RSI oversold.”
Technical Indicators Align on Weekly Chart
The weekly chart shows Dogecoin trading near $0.107. Price recently rebounded from a gray support zone between $0.085 and $0.10. This area acted as support in previous cycles.
A descending trendline from prior highs intersects near the recent price action. The bounce occurred as price tested this broader support structure. The chart also marks earlier resistance levels near $0.18 and $0.30.
The Relative Strength Index is shown below the price chart. RSI dipped near the 30 to 40 range before turning upward. This move indicates an oversold reading on the weekly timeframe.
Ramsey referenced a hidden bullish divergence. This pattern appears when price forms a higher low while RSI forms a lower low. Traders often monitor this setup for potential continuation moves.
Analyst Commentary and Market Context
Ramsey described the setup as a confluence of signals. He cited the key support zone and momentum structure together. He concluded his post with the words “FULL SEND.”
The broader crypto market has seen periods of volatility in recent months. Dogecoin has declined from prior highs and tested long-term support levels. The current rebound places focus on whether support will hold.
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.
