Dogecoin Price enters the historical bouncing zone, but will this time be different?
Domycin has Back again The familiar price range has historically been a launch pad moving upwards. In the latest 4-hour candlestick schedule, Dogecoin is now close to the $0.168 to $0.172 support band, a level previously popping up from early this month. Despite the price drop, the meme coins are Technically ready to look forward to a reversalits relative intensity index (RSI) behavior suggests a possible shift in momentum.
Incoming support tests with Dogecoin rejecting familiar areas
Dogecoin’s 4-hour candlestick price list reveals a unique support area that has been a key reversal area for three different occasions over the past ten days. Whenever Dogecoin dips into the area, it quickly finds the ground and pushes up. The latest candle action shows that the assets are Now push to this area again Invite questions about whether the same rebound pattern will be repeated.
This phenomenon is First, pay attention to THis social media platform X is written by crypto analyst Trader Tardigrade. Interestingly, the support area is marked by multiple lamps, which indicates the purchase interest whenever the price goes between about $0.1663 and $0.1720. Although Dogecoin has been on a larger downward trend since reaching a peak of $0.207, as shown in the chart below, its support is not yet intact.
What makes this setup particularly noteworthy is the RSI structure on the 4-hour chart. Despite the lower prices, RSI still forms a series of higher lows, which is an early sign of hidden bullish differences. This difference suggests that even if the price has not yet fully reflected it, the basic momentum has gradually shifted to the buyer side.
Analysts behind the chart noted that every time Dogecoin enters the area, the RSI support line prevents the oscillator from falling below the previous low. Technically, this suggests that there may be greater and greater power under the surface if external market conditions are like Tensions in the Middle East Do not derail the settings.
Will this rebound repeat the last two or one collapse?
The big problem now is Whether the third test in the support area causes another rebound, or whether the pattern becomes overpredictive. If another rebound occurs, it will eventually lead to domycin above the $0.2 high. However, if RSI support is price difference from price drop below $0.166, then the outlook may shift from bullish differences To confirm the fault, At least in the short term.
Starting with the current chart, RSI is still on its upward support line and the price is currently above the lower boundary of the region, staying hopeful active For another upward move this month. At the time of writing, Dogecoin is trading at $0.1738, down 2.4% in the past 24 hours.
Featured images from Pixabay, charts from TradingView.com
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