Dogecoin price coils up for a 10% move north with bullish on-chain metrics to show for it | News World

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  • Dogecoin price is down 5% after a rejection from $0.07862, the midline of a supply barrier extending from $0.07677 to $0.08039.
  • DOGE could climb back north, recovering 10% of ground lost driven by bullish on-chain metrics and rising buyer momentum.
  • Invalidation of the bullish outlook will occur after the altcoin breaks and closes below the $0.06756 support level.

Dogecoin (DOGE) price has been on an uptrend over the past few weeks, rallying north beginning October 18, when the broader market pivoted, around the $0.05694 support floor. After a strong pump north, profit bookers took charge and now the bulls are trying to reclaim all that ground lost.

Also Read: Dogecoin Price Prediction: This supply barrier stands between DOGE and its $0.100 target objective

Dogecoin price could rise 10%

Dogecoin (DOGE) price faced obstruction from selling pressure due to the supply barrier extending from $0.07677 to $0.08039. Despite falling buying pressure and with the bears establishing a presence in the market, DOGE bulls are putting up a strong fight, which could see the meme cryptocurrency potentially recover 10% above current levels to test the $0.08153 resistance level.

In a highly bullish case, the gains could stretch for Dogecoin price to clear the $0.08500 level before extending higher to test the $0.09000 psychological level.

Technical indicators as well as on-chain metrics support the bullish thesis. Regarding the technicals, the Relative Strength Index (RSI) is still above the 50 level, pointing to a strong price strength. The Awesome Oscillator (AO) aligns in the positive territory, showing that the bulls are still at the forefront of the…

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