Dogecoin aims for $0.0850 amid bullish signals and whale activity
Dogecoin (DOGE) is exhibiting signs of a potential uptrend as it attempts to break through the resistance level of $0.0786 with aspirations to reach a target of $0.0850. The popular meme cryptocurrency experienced a notable recovery after hitting a support level at $0.0722 between November 12 and November 14, following a three-day decline. Technical indicators such as an upward-facing Relative Strength Index and a positive Awesome Oscillator have hinted at this rebound.
For DOGE to establish a confirmed uptrend, it needs to secure a close above the $0.0786 resistance mark. Achieving this would transform the supply zone ranging from $0.0767 to $0.0803 into a bullish breaker above $0.0815, setting the stage for the coin to meet its $0.0850 target and possibly further gains.
Supporting the optimistic view are on-chain metrics provided by Santiment, a behavior analytics platform, which show an increase in whale transactions, a rise in daily active addresses, and inflows of Tether (USDT) stablecoin. These indicators suggest heightened crowd interaction and an influx of new capital into Dogecoin.
However, there remains a risk of another rejection at the $0.0786 level. Should this occur, DOGE might retreat below the support of $0.0722 and challenge the 25- and 50-day Exponential Moving Averages at $0.0716 and $0.0685, respectively. Under this bearish scenario, it could test further support at $0.0675 or even dip to the 100-day EMA at $0.0673, translating to a potential 12% decrease from current levels.
