Is It Time to Buy Dogecoin? Analyst Predicts a Big Rebound for #DOGE
Dogecoin (DOGE), the popular meme-based cryptocurrency, is showing signs of a possible price rebound, according to crypto analyst Ali Martinez. After a significant drop from its peak in December 2024 of $0.47, DOGE is now trading around $0.167, up 2.5% today.
With the market currently uncertain, many traders are watching for signs that could indicate the next big move for Dogecoin. Martinez identified a bullish crossover on the Stock RSI indicator, which suggests that DOGE may be preparing for a big comeback.
The Recent Price Action of DOGE: A Sharp Decline Followed by Stability
Dogecoin experienced a massive surge in late 2024, rising 444% from $0.09 to nearly $0.50. However, like much of the crypto market, DOGE entered a downtrend, breaking through several key support levels.
The decline was significant, but recent price movements suggest stability, with DOGE finding support in the $0.14-$0.15 range. The question now is whether this support will hold and lead to a reversal, or if the price will continue to decline.
Why Analysts Believe DOGE is Ready for a Rebound
Analysis of Ali Martinez's Stock RSI
Crypto analyst Ali Martinez pointed out a critical bullish signal—the Stock Relative Strength Index (RSI).
According to Martinez:
The Stock RSI has dropped below 20, signaling that Dogecoin is oversold and may be due for a bounce.
The two lines on the Stock RSI chart are close to crossing upwards, which historically indicates a change in momentum.
A similar pattern was observed twice before—in October 2023 and February 2024—both times leading to a strong rally for DOGE.
