🚀🚀🚀 #DogecoinPrice could reclaim above $0.09000 with a possible 10% recovery in play
Dogecoin (DOGE) appears to have found a bottom in its downtrend, with indicators like RSI and ADX signaling increased momentum and growing trend strength. There's potential for a 10% climb, pushing DOGE above the psychological level of $0.09000, fueled by optimism surrounding potential spot Bitcoin ETF approvals.
The #bullish outlook relies on the SEC's potential approval of spot Bitcoin ETFs, which could lead to capital inflows into large altcoins, including Dogecoin. Historically, DOGE has reacted positively to Bitcoin price movements, reinforcing the possibility of an upward move if the SEC greenlights ETF applications.
Currently supported around $0.07520, Dogecoin is on a recovery path, driven by rising momentum, as indicated by the upward movement in the Relative Strength Index (#RSI ) and the increasing Average Directional Index (ADX), reflecting a strengthening uptrend.
In a favorable scenario, DOGE could overcome the $0.08753 resistance, potentially flipping the descending trendline into support and paving the way for a 10% climb. The highly bullish case envisions DOGE entering a supply zone from $0.09658 to $0.10210. To validate the interim trend, a candlestick close above the $0.09934 midline of this order block is crucial.
In more ambitious scenarios, Dogecoin might turn the supply zone into a bullish breaker, surging above it to capture sell-side liquidity, targeting the $0.10730 range high.
However, the Awesome Oscillator (AO) in negative territory suggests a lingering bearish pull in the DOGE market. If bears take control, DOGE could extend its broader decline, breaking below the $0.07520 support. A close below this level would invalidate the bullish thesis, potentially leading to a further drop to the psychological level of $0.07000.
Source - fxstreet.com
