Despite Elon Musk's close association with Dogecoin, often called his āfavoriteā cryptocurrency, the memecoin's upside momentum has diminished.
Dogecoin price has struggled to break a Descending Trendline, staying persistently below this level of Resistance despite several attempts.
As it stands, Dogecoin is still being rejected, and the daily candle closed in red territory.
The Relative Strength Index (RSI) has shown a breakout, pivoting above the 50 mark and closing at 58. This development indicates that Dogecoin has experienced a substantial surge in momentum recently.
If the buyers manage to sustain this buying pressure and keep the RSI elevated, we could witness a strong uptrend unfolding for Dogecoin.
Dogecoin is struggling to break a Descending Trendline, staying persistently below this level of Resistance despite several attempts.
As it stands, Dogecoin is still being rejected, and the daily candle closed in red territory.
The Relative Strength Index (RSI) has shown a breakout, pivoting above the 50 mark and closing at 58. This development indicates that Dogecoin has experienced a substantial surge in momentum recently.
If the buyers manage to sustain this buying pressure and keep the RSI elevated, we could witness a strong uptrend unfolding for Dogecoin.
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