Earlier in November, Dogecoin experienced a rapid ascent to new price highs, driving its Relative Strength Index (RSI) into the overbought zone. However, a crypto analyst revealed that the popular meme coin has officially exited this overbought range following its recent pullback below $0.4. This new shift could signal the potential for another significant surge in the Dogecoin price. 

Dogecoin Exits Overbought Zone, Makes Way To $0.54

According to Trader Tardigrade, a crypto analyst on X (formerly Twitter), the Dogecoin price has officially exited its overbought zone, indicating the potential for an uptrend. The analyst has predicted that DOGE could rise from its current price of $0.41 to $0.54. 

In the previous month, Dogecoin rose sharply to $0.48, driven by the positive shift in market sentiment following Donald Trump’s victory in the 2024 United States (US) Presidential election. This rapid price surge had pushed Dogecoin’s RSI into the overbought zone, indicating that the meme coin had risen too quickly and could face a pullback.

After experiencing the anticipated price correction, DOGE’s RSI eased back to 50, down from a peak of over 90, according to the analyst’s chart. Typically, an RSI of 50 suggests a neutral position, signifying no strong overbought or oversold indicators. On the other hand, an RSI that exceeds the 70 threshold indicates that an asset might be overbought or overpriced. 

Sharing an image comparing two Dogecoin price charts, Trader Tardigrade highlighted similar price movements and RSI behaviors. In the right ch

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Author: Scott Matherson