Dogecoin has been experiencing a bearish trend, trading below critical resistance levels around $0.3 and $0.2. Despite this, the 1-day RSI slipping into oversold territory suggests a possible price reversal. A TradingView analyst indicates a buying opportunity, resembling past price bottoms for Dogecoin.
The cryptocurrency has been moving within a Channel Up pattern, characterized by bouncing between resistance and support. Currently, trading near the channel's lower boundary might signal a recovery, as it mirrors past conditions before significant rallies.
Historically, oversold RSI and trading near the channel's bottom have led to rallies. The $0.90 target is based on the 1.618 Fibonacci extension from past lows. However, bearish market pressures, particularly on Bitcoin, challenge achieving this technical target.
Dogecoin trades at $0.1972, down 1.47% in 24 hours, with key support under pressure, risking deeper retracement if levels don't hold.
