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Dogecoin is exhibiting robust momentum in the present weekly chart, having just emerged from several months of consolidation with a significant upward surge. Just in the past few weeks, Dogecoin has jumped from under $0.14 to more than $0.22. Recent movements in the crypto market over the last 24 hours have returned the king of meme coins above $0.24, moving away from a consolidation band of $0.21 and $0.235 that bounded its price behavior over the past week.
Nonetheless, per a widely monitored indicator, Dogecoin’s bullish trend might only be starting.
Stochastic RSI Signals 2024 Pattern Ahead of 243% Surge
Crypto analyst Trader Tardigrade has highlighted an intriguing signal on Dogecoin’s weekly Stochastic RSI. Posting on the social media platform X, the analyst pointed out that the current configuration mirrors the precise technical framework observed before Dogecoin’s price skyrocketed by over 243% from November to December 2024.
The significant moment prior to the impressive surge was the crossover of the Stochastic RSI lines, indicating the onset of a prolonged uptrend. That same crossover has just reemerged, with the lines aggressively ascending and entering what the analyst Trader Tardigrade described as a robust uptrend zone.
The attached chart demonstrates that in late 2024, this precise RSI formation was followed by a vertical ascent from approximately $0.10 to $0.48 within six weeks. The graphical analysis in the chart below marks the breakout area with a bold brown rectangle, showcasing the identical Stochastic RSI trigger and subsequent price surge of 2024. This is underscored by a low foundation, followed by a vigorous breakout, and confirmed by a bullish RSI momentum shift.
$0.75 Target for Dogecoin
When this evaluation was published, Dogecoin was trading just above $0.22 and was sustaining solid weekly gains after a significant rebound from $0.215 on Monday, May 20. This bounce was a significant response at the increasing support zone formed from $0.14 since early April.
If Dogecoin follows the same path as it did during Q4 of 2024, a 243% boost from the $0.22 price point would set a price objective near $0.75, effectively positioning it within new all-time high price ranges.
Interestingly, market activity in the past 12 hours has shown Dogecoin initiating early momentum above $0.22. At the time of writing, DOGE is trading at $0.2425, having risen by 7.6% over the last 24 hours. Should Dogecoin replicate its late 2024 breakout, it could see its price at around $0.75 by late June, according to Trader Tardigrade’s forecast. However, the initial step would involve breaking through a significant resistance zone at $0.25.
Featured image from Getty Images, chart from Tradingview.com
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