Crypto analysts say Dogecoin’s price breakthrough has been programmed, which is why
Dogecoin has spent weeks of oscillation over the past few weeks and the price has hesitated for $0.17 And face consistent pressure Close to the resistance zone of $0.185. Despite several attempts to improve, the meme coins lack the lasting momentum Until the last 24 hours Bitcoin’s break is once again over $100,000. A recent article by crypto analyst Trader Tardigrade shows bullish sentiment, which suggests Dogecoin’s next leg Programmed, perfectly as planned.
Dogecoin’s assembly is programmed due to repeated 29-day cycles
According to Trader Tardigrade, Dogecoin’s price action shows an interesting regular rhythm. Pay attention to a tracking chart Relative Strength Index (RSI) In Dogecoin’s daily candlestick price chart, analysts noted that every 29 days, Dogecoin completes a cycle ending with a breakthrough every 29 days.
Now three exact sequences have occurred: each followed by a sharp sequel. The images accompanying his post illustrate three different RSI breakout points 29 days apart, each time moving the price of Dogecoin with a powerful upward movement.
This repetition cycle appears to be driven by a downward trend breakthrough in RSI. The first breakthrough occurred in early March and the second breakthrough occurred in early April. In each of the two previous events, Dogecoin’s RSI formed a downtrend line, which was broken, just like a bicycle reset, which brought the price up. Now, as the latest RSI downtrend line has also broken and the 29-day interval is completed again, in Tardigrade’s words, the condition for another programmatic measure is “on-time”.
Programming uptrend sends $0.23 up again
The technical foundation behind it Trader Tardigrade’s prediction is RSI behavior. RSI is a momentum indicator that is often used to detect potential reversals or continuation of price action. In the case of Dogecoin, RSI has been resetting downward since the RSI below oversell levels on March 9. However, the past two situations have led to a slow buildup that eventually broke down on the local resistance line. It is worth noting that the RSI breakthrough occurred at exactly the same interval as one of the previous two rallies.
The green arrows on the chart are placed directly after each RSI breakout, showing a significant and steep price increase, showing these moments marking the beginning of the bullish phase. If the pattern holds, Dogecoin could enter another strong previous stage, possibly exceeding the $0.20 level. In particular, the target stock price of the next psychological resistance zone is around $0.24 based on the measured move based on the last competition. This goal and Different technical prospects, This is based on the head and shoulder formation that occurs within the daily time frame.
At the time of writing, Dogecoin trades at $0.1971, up 9% and 8.9% over the last 24 hours and 7 days, respectively. The latest uptrend is caused by Bitcoin’s recent breakthrough above the psychological value of $100,000.
Featured Images from Getty Images, TradingView.com Charts
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