- 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…
“The adventure of life is to learn. The purpose of life is to grow. The nature of life is to change. The challenge of life is to overcome. The essence of life is to care. The opportunity of like is to serve. The secret of life is to dare. The spice of life is to befriend. The beauty of life is to give.” —William Arthur Ward