DOGE: Oversold Conditions Indicate Potential Rebound and Future Bull Run Catalyst

Dogecoin, the popular meme coin, appears to be on the brink of a rebound after showing oversold conditions on technical charts. An analyst has also identified key resistance levels that could spark the next bull run for DOGE.

Dogecoin Shows Oversold Levels, Potential Rebound On Horizon

Dogecoin is exhibiting early signs of recovery after a weeklong downtrend. Technical analysis on the 4-hour Heikin Ashi chart indicates oversold conditions with a falling wedge pattern forming, suggesting a potential rebound. Since March 27, the meme coin has consistently printed red candles, with as many as seventeen consecutive red closes.

Dogecoin Potential Catalyst for Next Bull Run

An analyst has identified two major resistance levels for Dogecoin based on the UTXO Realized Price Distribution (URPD). The URPD is an on-chain metric that indicates the amount of supply bought at various price levels in Dogecoin’s history. The analyst, Ali Martinez, shared a chart highlighting these resistance walls on X. Coins are considered ’bought’ when they are involved in a blockchain transaction, and the URPD records the price at the time of the last transaction as the cost basis.

AI Predicts DOGE Price For April 5th 2025

Dogecoin, the leading meme token of the cryptocurrency market, is currently trading at $0.17, up 1% in the last 24 hours. The token is part of the rising ETF narrative, applications of which are still pending with the US SEC. Dogecoin has yet to deliver a Stellar price trajectory, keeping its investors coiled in anticipation. Tesla chief and avid DOGE supporter Elon Musk recently shared an update stating that the US government has no plans to adopt Dogecoin for any of its work proceedings.