DOGE Hourly RSI Enters Oversold Zone Four Times as Price Hits $0.09

Dogecoin (DOGE) has seen its hourly Relative Strength Index (RSI) enter oversold territory four consecutive times, a sign that could potentially lead to an uptrend. The cryptocurrency was trading at $0.09 when this phenomenon occurred.

According to @TATrader_Alan, a technical chartist and crypto content creator, the prior three rebounds after entering the oversold zone shifted DOGE back into uptrend mode. However, the current setup is different due to the presence of a 4h MACD death cross and EMA confluence, which may cap gains.

The price test at $0.09 also coincides with the exact confluence of the Exponential Moving Average (EMA)50 and EMA200. Any relief rally would face upper Bollinger resistance at $0.1 before fresh downside pressure resumes.