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Dogecoin price

Dogecoin No Longer Overbought Amid Pullback Below $0.4, Here’s What To Expect Next

Scott Matherson
by Scott Matherson
9 months ago
·
Posted in Altcoins, Dogecoin, Rebuff
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Earlier in November, Dogecoin experienced a rapid ascent to new price highs, driving its Relative Strength Index (RSI) into the overbought zone. However, a crypto analyst revealed that the popular meme coin has officially exited this overbought range following its recent pullback below $0.4. This new shift could signal the potential for another significant surge in the Dogecoin price. 

Dogecoin Exits Overbought Zone, Makes Way To $0.54

According to Trader Tardigrade, a crypto analyst on X (formerly Twitter), the Dogecoin price has officially exited its overbought zone, indicating the potential for an uptrend. The analyst has predicted that DOGE could rise from its current price of $0.41 to $0.54. 

Related Reading: XRP Price Supercycle: Analyst Lays Out Double-Digit Targets Amid Market Recovery

In the previous month, Dogecoin rose sharply to $0.48, driven by the positive shift in market sentiment following Donald Trump’s victory in the 2024 United States (US) Presidential election. This rapid price surge had pushed Dogecoin’s RSI into the overbought zone, indicating that the meme coin had risen too quickly and could face a pullback.

After experiencing the anticipated price correction, DOGE’s RSI eased back to 50, down from a peak of over 90, according to the analyst’s chart. Typically, an RSI of 50 suggests a neutral position, signifying no strong overbought or oversold indicators. On the other hand, an RSI that exceeds the 70 threshold indicates that an asset might be overbought or overpriced. 

Sharing an image comparing two Dogecoin price charts, Trader Tardigrade highlighted similar price movements and RSI behaviors. In the right chart, the analyst observed a strong upward movement in the Dogecoin price, which caused its RSI to surge into the overbought zone. Following a brief pullback, DOGE’s RSI dropped to 50, setting the stage for a major price rally to new highs. 

Dogecoin 1
Source: X

The left chart, reflecting Dogecoin‘s current price action, shows that the meme coin has moved out of the overbought zone. Trader Tardigrade believes that a price rally similar to the one observed in the right chart could occur at any moment. Consequently, the analyst has set a new bullish target for DOGE, anticipating a surge to $0.54 

Dogecoin Whales Buy The Dip

The recent pullback in the Dogecoin price has failed to discourage whales from accumulating more of the asset. While DOGE continues consolidating below previous highs, large holders remain active in buying, viewing the lower price as a potential buying opportunity. 

Related Reading: Past Performance Says Dogecoin Price Will Fall To $0.32 And Then Rocket 60% To $0.52, Here’s Why

Crypto analyst Ali Martinez revealed in an X post that DOGE whales bought a staggering 210 million DOGE tokens during its recent price correction. At a current price of $0.41, this would mean that the whales spent approximately $86.1 million.

Dogecoin 2
Source: X

With demand for Dogecoin still increasing, it could indicate that whales are confident in the meme coin’s potential for further price gains. Top analysts like Martinez have also shared optimistic projections for DOGE, suggesting that a rally to $3 or even as high as $18 is within reach.

Dogecoin price chart from Tradingview.com
DOGE price reversing to $0.4 | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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