Dogecoin (DOGE) is showing signs of a potential uptrend as it aims to break through the resistance level at $0.0786, with a target set at $0.0850. The meme cryptocurrency experienced a notable recovery after reaching a support level at $0.0722 between November 12 and November 14, following a three-day decline. Technical indicators, including an upward-facing Relative Strength Index and a positive Awesome Oscillator, suggest a rebound.
To confirm an uptrend, DOGE needs to secure a close above the $0.0786 resistance level, transforming the supply zone from $0.0767 to $0.0803 into a bullish breaker above $0.0815. This would set the stage for DOGE to reach its $0.0850 target and potentially achieve further gains.
On-chain metrics provided by Santiment indicate an increase in whale transactions, a rise in daily active addresses, and inflows of Tether (USDT) stablecoin, suggesting increased crowd interaction and new capital entering Dogecoin.
However, there is a risk of rejection at the $0.0786 level. In this case, DOGE may retreat below the $0.0722 support and challenge the 25- and 50-day Exponential Moving Averages at $0.0716 and $0.0685, respectively. Under a bearish scenario, it could test further support at $0.0675 or potentially dip to the 100-day EMA at $0.0673, representing a potential 12% decrease from current levels.