In the last two weeks to the last 24 hours, the price of Dogecoin has continued to fall. In particular, Dogecoin has yet to begin to gain significant momentum above the $0.30 threshold, although it has largely held above $0.31. During the price decline, the Relative Strength Index (RSI) indicator saw a similar decline, which cryptocurrency analyst KrissPax pointed out on the social media platform X. He noted that the RSI of Dogecoin reached 59, a level that correlates with the bullish potential of the current market cycle.

According to KrissPax, a crypto analyst on social media platform X, Dogecoin has an RSI of 59, which is a key technical signal. It is worth noting that the technical analysis is based on a weekly timeframe of Dogecoin. According to the chart, the weekly RSI of Dogecoin has been in a downward trend since the beginning of December, having previously peaked above 90.

During this period, the meme coin came under extreme buying pressure, resulting in overbought conditions. Since then, the RSI of Dogecoin has fallen sharply, due to huge selling pressure from holders, causing the price of Dogecoin to fall sharply. The correction pushed the RSI below the 70 and 60 levels, reinforcing the bearish sentiment in this period.

Interestingly, the weekly RSI for Dogecoin has now stabilized at 59, having remained near this level since December 16. While this stability could mean a temporary pause in selling pressure, it could also signal a more important change in the price action of Dogecoin. The historical data shared by KrissPax underscores this possibility.

The last time Dogecoin's weekly RSI hovered around 59 was on October 29, when the meme coin was trading around $0.15. Then came a spectacular rebound. The price of Dogecoin soared in the weeks that followed, eventually peaking at $0.475.

Dogecoin has a weekly RSI of 59, indicating that Dogecoin could surge again in the coming weeks. As KrissPax speculates, this suggests that the price of Dogecoin could break out to $0.60 from here. However, the unpredictability of the cryptocurrency market also suggests that after reaching this peak, there could be a pullback, leading to a retest around $0.45 before resuming an upward trajectory.

At the time of writing, Dogecoin is trading at $0.316, and a rise to $0.60 would represent a 90% increase from the current price. Interestingly, Dogecoin has shown resilience at $0.31, bouncing from that water several times in the past 24 hours.

However, it has yet to show the strong upward momentum needed to kick-start the rally. If Dogecoin struggles to break above $0.316, another short-term decline is possible. In terms of support levels, $0.31 and $0.30 are the two main levels to watch. The resistance levels are around $0.33, $0.35 and $0.40.