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.
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