Dogecoin Price To Hit New All-Time High As Weekly RSI Reaches 2017 Level

The perfect storm appears to be brewing for Dogecoin.

The Dogecoin price is on the cusp of a major bull run, reminiscent of its rallies in 2017 and 2021.

DOGE is currently trading at $0.103 at press time, with a market capitalization of $15 billion. However, several key signals – including its weekly RSI – indicate that the meme coin market leader is on the verge of a bullish breakout that could see it pushing towards a new all-time high.

A Dogecoin rally has the potential to kickstart a meme coin mania, a scenario that smart money investors are already preparing for. New meme coins like Shiba Shootout are in heavy demand and investors are aiming for 100x returns with such low-cap gems.

The perfect storm appears to be brewing for Dogecoin.

For instance, a popular crypto trader Master Kenobi (@btc_MasterPlan) highlights key similarities between the Dogecoin price chart today and before the bull rallies in 2017 and 2021.

The Dogecoin weekly RSI (Relative Strength Index) is currently at the same level as it was before the start of the 2017 bull run and only slightly below the 2020 mark.

If history repeats itself, this could be DOGE’s signal to create a new bullish trajectory to $0.89 in the coming weeks.

Additionally, Dogecoin has secured a major breakout against Bitcoin after 165 days of downtrend.

DOGEBTC after 165 days of downtrend ?

#DOGE #BTC pic.twitter.com/zorbabkjre

Indeed, the DOGEBTC trading pair is up by 8.3% over the past week, indicating substantial bullish strength in the top meme coin.

Crucially, there is an abundance of bullish narratives for DOGE to rally around. For instance, former President Donald Trump has announced a Government Efficiency Commission if he wins re-election, which will be headed by X owner Elon Musk. Unsurprisingly, this is a decidedly bullish scenario for Dogecoin.

Considering that Trump is now the favorite to win in November, the Dogecoin price could deliver outsized returns in the lead-up to the Presidential elections.

Similarly, global liquidity is on the rise again, which is always a positive development for the crypto market and meme coins. The GMI Total Liquidity Index is showing a strong uptick, which could result in a substantial bounce in crypto prices.

The US Federal Reserve is also poised to cut interest rates by at least 25 basis points on September 18th, which is another positive development for Dogecoin. Meanwhile, a 50 bps cut – while less probable – could immediately spark the next crypto bull run.

However, the bulls aren’t in the clear just yet. The DOGE price must secure a sustained close above the $0.10 mark, which could pave the way for a bounce to $0.15.

On the contrary, a breakdown below could trigger further downside and consolidatory price action and put the meme coin at risk of losing its 100-week Simple Moving Average and 200-week Exponential Moving Average, both of which are trading in the $0.95 to $0.98 range.

However, the bulls appear to be in control for now, especially if they can secure a weekly close above $0.10.

A Dogecoin price rally is bullish for the rest of the meme coin space, especially for low-cap dog meme coins.

Unsurprisingly, smart money investors are already stacking coins that fit the bill. For instance, Shiba Shootout – a new meme coin – has raised nearly $1.1 million in presale funding, signaling strong investor confidence in its upside potential.

#SHIBASHOOT to the moon! ??

We've just crossed the $1M mark! ?

The momentum is incredible! ?

Huge thanks to our amazing community! ? pic.twitter.com/ZkVaJSCioA

The meme coin’s unique Wild-West theme has caught the attention of meme coin enthusiasts, as have its cowboy-themed rewards.  

For instance, its play-to-earn game – Shiba Sharpshooter – already has thousands of downloads on Google Play and the App Store as gamers battle for over $2 million in rewards.

There is plenty in store for the non-gamers as well. SHIBASHOOT holders can stake their coins in the Cactus Staking program and earn a reward rate upwards of 850%. They can also take advantage of opportunities like refer-to-earn Posse Rewards and Lucky Lasso Lotteries.

With such attractive perks up for grabs, it is no surprise that investors are bullish on Shiba Shootout. Some popular crypto traders like Michael Wrubel – with 312k subscribers – are aiming for

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