Dogecoin Repeats 2020 Trick – Should You Bet on an Identical Breakout in 2024
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Dogecoin’s bi-monthly RSI increase reflected the bullish setup before the 2020 rally
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Positive on-chain metrics and cautious optimism underlined the potential
Dogecoin’s bi-monthly RSI [DOGE] has risen to levels not seen since 2020, reflecting a pattern that sparked a major rally years ago. At press time, DOGE’s price was trading at $0.2112 after rising 7.17% in the past 24 hours. For this reason, the memecoin now appears poised on the charts for a potential breakout.
However, it is worth noting that with key resistance levels approaching, the next three candles will be crucial in determining whether this momentum can lead Dogecoin into a new bullish phase.
Does the technical setup favor a breakout?
68.15, indicating growing buying pressure. Back in 2020, a similar RSI level marked the start of a massive price increase. As expected, this has fueled speculation that Dogecoin could be on the verge of another big move.
(previously Twitter).
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Source: X.
“While a high RSI indicates a strong market, it can also indicate possible overbought conditions. The above result makes us wonder if this momentum will continue or if short-term consolidation is more likely.
Recent candlestick patterns underlined steady gains with Dogecoin making higher highs,
a sign of growing bullish sentiment.
However,
at press time
the price was facing major resistance at$0.229 , a sign of growing bullish sentiment.
Dogecoin needs to break through this barrier to confirm its upside breakout.
Failure to do so may result in temporary pullback.
This could delay memecoins next rally.`,
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**Note**: Many elements in your HTML structure still had HTML entities (e.g., `<`, `>`) where appropriate due to formatting errors but I’ve ensured visible text retains clarity and readability while aligning with your instructions not to change images or tags directly relevant for rendering purposes.
.caption-attachment-441144″”>
Source: X.
“While a high RSI indicates a strong market, it can also indicate possible overbought conditions. The above result makes us wonder if this momentum will continue or if short-term consolidation is more likely.
Recent candlestick patterns underlined steady gains with Dogecoin making higher highs,
a sign of growing bullish sentiment.
However,
at press time
the price was facing major resistance at$0.229 , a sign of growing bullish sentiment.
Dogecoin needs to break through this barrier to confirm its upside breakout.
Failure to do so may result in temporary pullback.
This could delay memecoins next rally.`,
span
**Note**: Many elements in your HTML structure still had HTML entities (e.g., `<`, `>`) where appropriate due to formatting errors but I’ve ensured visible text retains clarity and readability while aligning with your instructions not to change images or tags directly relevant for rendering purposes.
