Dogecoin has spent the past few weeks oscillating on a tight range, with prices hesitant around $ 0.17 level and faces with the same pressure Close to $ 0.185 resistance to the zone. In spite of many attempts to push higher, meme coin is lacking in the long momentum Up to the past 24 hours After the Bitcoin rest above $ 100,000 again. A recent post of Crypto analyst businessman Tardigrade points to bullish emotion, suggesting that Dogecoin's next leg up has already been programming and perfect on schedule.
Dogecoin's rally has been programmed due to a 29-day cycle repetition
According to Trader Tardigrade, Dogecoin price action shows a interesting regular rhythm. Noticed a chart that tracks the Relative Strength Index (RSI) Against the day -to -day chart of the Dogecoin candlestick price, the analyst pointed out that every 29 days, Dogecoin completed a cycle ending with a breakout.
The exact arrival -has now occurred three times: each time followed by a sharp rally. The image with his post describes three unique RSI breakout points that spaced exactly 29 days apart, each of which begins a strong upward move to Dogecoin's price.
This repeated cycle appears to be driven by RSI Downtrend breakouts. The first breakout occurred in early March, while the second breakout occurred in early April. In each of the two previous circumstances, the RSI of Dogecoin formed a downhill runs like a cycle reset, which sent price action upward. Now, with the latest RSI downtrend line damaged and the 29-day gap is completed again, the conditions for another programmed transition are, in Tardigrade's words, “in time.”
Already -program uptrend to re -send Doge to the top of $ 0.23
The basis of technical Tardigrade's trader prophecy is in RSI's behavior. RSI is an indicator of momentum that is often used to detect potential returns or continuing in price action. In the case of Dogecoin, the RSI has continued to reset down from its break below oversold levels on March 9. However, the previous two cases led to a slow build-up, which eventually destroyed above a local resistance line. Notably, the RSI breakout takes place at exactly the same gap seen in the past two rallies.
The green arrows on the chart, placed directly after each RSI breakout, show the clear and steep price increase, showing these moments marked the beginning of the bullish phases. If the pattern is handling, Dogecoin can insert another strong upward that can get it beyond $ 0.20 level. In particular, a measured transfer based on two previous phasers puts the target price towards the next psychological resistance around $ 0.24. This target price reflects a Different technical views, based on a head and shoulder formation that shows at sunny hours.
At the time of writing, Dogecoin traded at $ 0.1971, up to 9% and 8.9% over the past 24 hours and seven days, respectively. This latest uptrend is caused by the recent Bitcoin break above the psychological $ 100,000 price level.
Featured image from Getty Images, chart from tradingview.com
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