Dogecoin Shows Early Signs of Rebound as RSI Rises 39.42

Dogecoin, a cryptocurrency that has been under the spotlight for weeks due to sliding prices and fading hype, is showing early signs of a potential rebound as June comes to a close. The charts indicate a subtle shift, with support holding firm and momentum indicators starting to turn positive. The Heikin Ashi candles on the DOGE/USD daily chart have transitioned from red to green, suggesting reduced selling pressure and a possible trend reversal. The price is currently hovering just above the support level of $0.165, which has acted as a cushion twice in June, making it a critical point to watch for a potential bounce.

The 14-day Relative Strength Index (RSI) stands at 39.42, still below the neutral 50 mark but rising. This signals that while DOGE price isn't in bullish territory yet, the bearish momentum is fading. A crossover above 40 and then 50 could be an early sign of bullish recovery. Historically, when the RSI rose from similar levels in mid-April, DOGE rallied over 45% in less than two weeks. If a similar momentum plays out now from $0.165, the price target could be around $0.24, implying a realistic short-term target if momentum builds.

The chart highlights a layered resistance zone between $0.18 and $0.20, marked by horizontal lines near pivot levels. If DOGE price crosses above $0.175, it will face the first real test at $0.186, followed by $0.198. These are historically significant zones where traders booked profits in May. If bulls reclaim $0.20, a move toward $0.24 could accelerate, following the April-style breakout pattern.

If support at $0.165 breaks, the next pivot support sits at $0.147. A breakdown below this could drag Dogecoin price down to $0.125 and even the psychological level of $0.10. However, the RSI’s upward trajectory and recent green candles suggest this bearish scenario is losing strength—at least for now.

Dogecoin price is showing early signs of stabilization and trend reversal. The rising RSI, flattening support zone around $0.165, and historical breakout setup all point to a potential rebound. Traders should keep a close eye on the $0.175 breakout and the RSI breaching 50. If both confirm, DOGE could easily retest the $0.20–$0.24 range in the coming weeks.