DOGE has reclaimed a historically challenging price range, leaving analysts to speculate if a parabolic rally may be on the horizon.
With BTC owners diversifying into DOGE, how likely is it that the memecoin will sustain a parabolic rally as weak hands shake out?5 with a 20% weekly gain. Currently trading at $0.1321, DOGE broke past the $0.13 mark, a level it hadn’t touched in over 150 days, following two failed attempts.Over the past three days, DOGE has seen impressive daily gains exceeding 7%, supported by robust trading volume reaching $3 billion. However, it’s not all good news.
This potential reversal was further bolstered by the RSI which has reached overbought territory, with 83% of price movement over the past two weeks being upward.As noted earlier, Dogecoin has had its most lucrative week, even outpacing BTC in daily gains. Investors acquired many of these positions at an average price of $0.09, which is significantly lower than the current levels.
However, there may still be some room for growth. This approach is not overly optimistic, given BTC’s continued climb past $68K.Typically, a market bottom sparks fresh interest as prices hit local lows, inviting buyers to step in. As noted earlier, Dogecoin has trended bearishly for the past 150 days, reaching a low of $0.09.
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