Peter Smith
Dogecoin (DOGE) shows promising technical signals with RSI approaching key 50 level and positive divergence emerging, suggesting potential upside momentum toward $0.38 target.
DOGE Price Action Shows Resilience After VWAP Setback
Dogecoin has taken a breather, pulling back to retest the diagonal resistance it recently smashed through after getting knocked down at the VWAP level. Trading around $0.2137 on the weekly timeframe, DOGE isn't giving up without a fight – it's still holding strong above that crucial ascending support line that's been its safety net.
The chart's painting a pretty clear picture with three key targets staring traders in the face: $0.24, $0.30, and the big kahuna at $0.38. What's encouraging here is how DOGE keeps its composure despite all the market chaos swirling around. That's the kind of price action that gets technical analysts excited.
Technical Indicators Point to Potential DOGE Breakout
Here's where things get interesting – the RSI is creeping up toward that magic 50 level, which seasoned traders know often signals when momentum starts shifting back to the bulls. But wait, there's more. A textbook positive divergence is playing out right in front of our eyes, hinting that smart money might be quietly accumulating while everyone else is distracted.
The macro picture could add serious fuel to this fire. If the Fed decides to cut rates, we're likely looking at a risk-on party in crypto land, and meme coins like DOGE typically love those kinds of celebrations. Break through $0.30 with some serious volume behind it, and that $0.38 target suddenly doesn't look so far-fetched.
Peter Smith
