FameEX Hot Topics | DOGE Soared 445% Last Time This Indicator Flashed Green

Dogecoin (DOGE) has seen significant price surges in the past following a bullish signal from its monthly Relative Strength Index (RSI), and the same indicator has flashed again, signaling the potential for another rally. In previous instances, the RSI line crossed above its simple moving average (SMA), triggering massive price gains for DOGE. Most notably, in Q4 2024, this led to a remarkable 445% rise in the cryptocurrency’s price. Similarly, a 302% increase was observed between October 2023 and April 2024.

Currently, a similar fractal is unfolding on the DOGE price charts, with analysts predicting that the cryptocurrency could experience another breakout in the coming weeks. The RSI is a widely used momentum indicator that helps traders gauge the strength and direction of a trend, with a bullish crossover indicating a strong upward move. Historically, these bullish crossovers in DOGE’s RSI have been followed by significant price increases.

Analyst Mikybull Crypto emphasized the importance of this signal, urging traders to pay attention whenever the RSI crosses above the SMA line. The analyst pointed out that these crossovers often align with the price retesting the 20-period simple moving average, a pattern that historically precedes major bullish moves. According to Mikybull Crypto, the current setup suggests that DOGE could be poised for a price surge that could potentially push it toward the $1 mark.

Looking ahead, analysts predict even higher potential gains for DOGE. The formation of an ascending triangle on the two-day chart suggests a strengthening bullish outlook, with an upside target of around $0.65, marking a 161% increase from the current levels. Analyst Mags also highlighted institutional interest and upcoming spot ETF approvals as key factors that could drive DOGE past its 2021 all-time highs of $0.73, potentially reaching $1.20.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.