With a gradual recovery, Dogecoin at $0.10 crossroads finds an upside target at $0.1180. Will DOGE buyers hit the target this quarter?
The Dogecoin price in the 4-hour chart reveals a pullback trend struggling to bounce back. The underlying sentiments tease a bullish run as DOGE resurfaces above $0.10.
Will the meme coin reclaim the $0.12 with an 18% jump as the technical indicators fire off the bullish engine?
Dogecoin At $0.10 Crossroads
In the 4-hour chart, following the massive correction in late July and early August, the meme coin finds solid support at $0.084. With a quick V-shaped reversal turning into a consolidation range, Dogecoin is stuck between the 23.60% and 50% Fibonacci levels at $0.097 and $0.111, respectively.
The consolidation range continued for the entire August month, with a failed bullish breakout rally attempt. Following the failed attempt, the Dogecoin negative cycle retested the 23.60% Fibonacci level after breaking below the 38.20% level at $0.10.
The meme coin struggles to gain traction despite reclaiming $0.10. Over the past three days, it has increased by 5.53% but has yet to reach the 38.20% Fibonacci level at $0.10528.
The MACD indicator shows a bullish crossover as the recovery run gains momentum. Meanwhile, the 4-hour RSI line shows a bullish divergence. Hence, the momentum indicators support the chances of an uptrend continuation.
On-chain Triggers Buy Signal
The on-chain indicators over IntoTheBlock give a mostly bullish signal for Dogecoin. While 70% of holders make money at the current price, the holder’s composition by time held hits 67% for more than one year.
The on-chain signals, like the large transactions increasing by 2.43%, give a BUY signal. Meanwhile, the bid-to-ask volume imbalance has also increased by 2.28%.
Furthermore, the global in and out of the money indicator showcases that 42.54% of Dogecoin volume is in the money. However, 49.44% is out of the money, with 8% at the money ranging from $0.096 to $0.1043.
Will DOGE Hit $0.12?
As Elon Musk wins the Dogecoin Pyramid Scheme lawsuit of pumping the meme coin, the DOGE price finds a supporting tailwind. With an intraday gain of 1.72%, the meme coin teases an uptrend continuation.
With the 38.20% Fibonacci level breakout, Dogecoin could again face incoming supply pressure at $0.111 or $0.1180, a 15% upside. Conversely, Dogecoin has two additional supports below the $0.097 support level at $0.090 and $0.084.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
