The current price of Dogecoin is undergoing its fourth endeavor to surpass the significant resistance level of $0.0786, with a specific target of $0.0850 in sight.
The potential for a 10% gain in DOGE's value is supported by optimistic on-chain indicators and heightened engagement from the public, particularly for this prominent meme-based cryptocurrency.
The bullish perspective will be invalidated when there is a definitive candlestick closure below the support level of $0.0675.
The price of Dogecoin (DOGE) exhibits resilience despite encountering repeated rejections from a significant supply barrier. The $0.0850 level continues to attract interest as it represents an appealing objective for the leading cryptocurrency in terms of trading volume.
Additionally, it is worth noting that the price of Dogecoin is exhibiting a pattern of consolidation, suggesting a potential upward movement of around 10%. This projection is supported by optimistic on-chain data, further reinforcing the positive sentiment surrounding the cryptocurrency.
The price of Dogecoin is anticipated to reach $0.0850 and is expected to achieve this target using whatever measures deemed necessary.
The price of Dogecoin (DOGE) has had a 7% increase subsequent to the breach of its fall at the $0.0722 support level during the three-day slump that occurred between November 12 and 14. The subsequent occurrence followed a denial from the median point of the supply zone, valued at $0.0786, which serves as a significant obstacle impeding the growth of DOGE.
Given the prevailing dominance of DOGE bulls, it is plausible that the price of Dogecoin may surmount the aforementioned obstacle, as seen by the increasing momentum indicated by the upward trajectory of the Relative Strength Index. The positive area of the Awesome Oscillator (AO) further strengthens the argument for an upward trend.
In order to establish a verified upward trend, it is necessary for the price of Dogecoin to surpass and successfully close above the resistance level of $0.0786. This achievement would result in a transformation of the supply zone, which ranges from $0.0767 to $0.0803, into a bullish breaker positioned above the resistance level of $0.0815. Not only would this facilitate the achievement of the $0.0850 objective, but it would also create opportunities for the dog-themed coin to venture into greater realms.
The onchain measures of Dogecoin provide empirical evidence to substantiate a positive and optimistic perspective.
The positive forecast is supported by several on-chain measures obtained from the behavior analytics platform Santiment. To start, there has been a notable surge in whale engagement, as seen by the escalating count of DOGE transactions occurring on the blockchain, valued at over $100,000 USD and over $1 million USD. This provides more support for the positive argument.

Providing further support for the optimistic argument, there is an observed upward trend in the number of daily active addresses associated with DOGE. This suggests that an increasing number of unique addresses are participating in transactions using DOGE, showing a higher level of engagement from a wider user base. When there is an increase in the Tether (USDT) stablecoin and a growing amount of active stablecoin deposits, it indicates that new participants are acquiring the asset with newly injected cash, hence influencing the price of Dogecoin.
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In the event that the price of Dogecoin encounters another instance of resistance at the $0.0786 level, there is a possibility that the price may decline, perhaps breaching the support level of $0.0722. In a potentially unfavorable scenario, the price may go below the 25- and 50-day Exponential Moving Averages (EMA) at $0.0716 and $0.0685, respectively, leading to a potential challenge of the $0.0675 support level. Alternatively, it might even drop further to the 100-day EMA at $0.0673. This action would indicate a decline of 12%, so negating the prevailing optimistic perspective.