It’s a trend that was set up since the Dogecoin price initiated with the rally in early 2021, that each time Elon Musk puts up a meme, DOGE price spikes with a huge margin. That’s the other part of the story that many lost during this so-called ‘manipulation’ by the ‘dogefather’. Yet amid the upcoming bull rally, the prices are expected to flip the bearish divergence.
The asset had gained an extreme bullish momentum during the B-Word event, where Tesla CEO Elon Musk, was among the 4 panellists. After substantial growth, the price fell drastically as it hit above $0.215. After the dip, the price continued to consolidate above $0.18 but below $0.199. However, after a fresh mention from Elon Musk, yet no significant change is witnessed with the price.
As the chart display, a substantial change in the trend RSI is following since the mid-may crash. The RSI divergence showcases the traders when price action and the RSI both stop following the same momentum. Currently, RSI has stopped breaking down to lower lows during a downtrend. And hence a flip from the bearish divergence could uplift the price to some extent.
The immediate resistance levels for dogecoin price still lie around $0.24 and a successful breach could rally the price above $0.3. The most mandatory requirement currently is to hold the 50-day MA strongly preventing further plunge. And such positive strong rallies could result in DOGE price movement close to ATH around $0.7.
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