Dogecoin Looks At Parabolic Rally As RSI Hits Oversold Levels
Crypto analyst Cryptollica has indicated this the Dogecoin price could register another parabolic rally as the RSI reaches the oversold level. In one X messagethe analyst noted that this is the fourth time in twelve years that the DOGE RSI has been this oversold, and each time it has happened it has been life-changing.
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Cryptollica further noted that the decline was coming in Dogecoin’s RSI to this low has always been an ‘epic buying opportunity’ and that those who have loaded up have made crazy profits. In line with this, the analyst noted that this is another huge opportunity. Meanwhile, Cryptollica alluded to previous times the RSI fell this low, including at the last cycle bottom, when DOGE fell to $0.5.
Dogecoin rallied for a new one all-time high (ATH) of $0.74 after a low of $0.05, posting huge gains. Cryptollica noted that these setups are infrequent and urged market participants not to miss them. His accompanying chart suggested that DOGE could rise to the psychological $1 level this time, which would mark a new ATH for the top meme coin.
DOGE reflects the past accumulation pattern
In another X messageCryptollica highlighted a similar DOGE/BTC pattern between the 2014-2017 and 2021-2026 accumulations. The analyst stated that the structure is identical and assured that the bleeding against Bitcoin is not “dead” but the necessary energy compression before rotation. Cryptollica added that when the green line breaks, risk appetite will immediately change.
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Meanwhile, Cryptollica stated that the fractal was loading, with Dogecoin as its heartbeat the altcoin cycle. The analyst claimed that this is the final stage of a multi-year compression against Bitcoin. Historically, this leads to a specific volatility crisis that precedes a massive capital rotation from BTC to altcoins.
Crypto analyst Bitcoin sentiment increased the possibility of a Dogecoin rally to $0.70, which could be close. This came as the analyst noted that DOGE has been on a nice rise throughout the bull cycle. This would be clearly visible in the mini cycles, with the front meme coin tapping on the dotted line, followed by a slow recoil. Based on this pattern, Bitcoinensus noted that DOGE could soon target the $0.70 range if strong momentum returns in the crypto market.
At the time of writing, the Dogecoin price is trading around $0.137, down in the past 24 hours, according to facts from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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