Dogecoin Retests Key Support with RSI Signals Suggesting Possible Bullish Reversal Near $0.23
Main Idea
Dogecoin is retesting a key support level at $0.230 with RSI indicators suggesting a potential bullish reversal, possibly leading to a rise toward the $0.270–$0.290 resistance zone.
Key Points
1. Dogecoin is retesting a strong ascending trendline near the $0.230 level, which historically has triggered rebounds.
2. The Relative Strength Index (RSI) shows a hidden bullish divergence, with DOGE price forming higher lows while RSI forms lower lows, indicating weakening selling pressure.
3. RSI is near oversold levels (30-40) and beginning to curve upward, often a precursor to a price rebound.
4. A confirmed bullish reversal could push Dogecoin toward the $0.270–$0.290 resistance range, which has previously acted as a ceiling.
5. A breakdown below the $0.230 support could lead to a decline toward $0.210, signaling a bearish shift in momentum.
Description
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