Doge has declined by 17% on weekly charts. Despite the dogecoin's decline, analysts remain bullish based on historical cycles.
Like most memecoins, DOGE has declined by 17.8% over the past week. Despite the decline, traders and analysts remain bullish.The crypto market has experienced heightened fluctuations over the last 30 days. Within this period, BTC has hit $69k and declined below $60k.Analysts are pointing at DOGE’s historical cycle to argue that it’s a pattern and DOGE will bounce. For instance,“What if I told you #dogecoin is performing identically to last cycle? Take a look.
The RSI entering the oversold territory presents a buying opportunity that might activate trend reversal through increased buying pressure. Equally, the neutral index at 29 sits above the negative index. This suggests a potential reversal as the prices decline to an oversold zone.Looking further, our analysis of Santiment shows that funding rates aggregated by exchanges are positive at 0.005%.
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