Dogecoin price could reclaim above $0.09000 with a possible 10% recovery in play
|- Dogecoin price downtrend appears to have bottomed out, with the RSI and ADX indicators suggesting rising momentum and growing trend strength.
- DOGE could make a 10% climb, restoring above the $0.09000 psychological level as potential spot BTC ETF approvals instill hope for altcoins.
- Invalidation of the bullish thesis will occur once the dog-themed token breaks and closes below $0.07520.
Dogecoin (DOGE) price looks propped up for a recovery after a prolonged downtrend. It comes as the market looks to the US Securities and Exchange Commission (SEC) with hope, that the financial regulator will approve the launch of spot Bitcoin exchange-traded funds (ETFs).
Also Read: Dogecoin price could rally 7% eyes comeback to $0.10 while sentiment among traders remains negative
Dogecoin likely to recover as large altcoins poise to enjoy spot ETF-instigated rally
Dogecoin (DOGE) price could recover as altcoins with large market capitalization are likely to enjoy capital overflows from the BTC market if the SEC does approve the spot Bitcoin ETF filings.
Dogecoin has also been quick to take to Bitcoin price’s ascent in the past, further tilting the odds in favor of an associated climb if the SEC greenlights the ETF applications.
BTC/USDT 1-day chart, DOGE/USDT 1-day chart
Dogecoin price outlook with 10% gains in the works for DOGE
After finding support at $0.07520, Dogecoin price is scaling a recovery rally, steered by rising momentum evidenced by the northbound Relative Strength Index. The Average Directional Index (ADX) indicator, known to quantify trend strength, is also rising, to show the uptrend is steadily gaining steam. This favors the upside.
If buyer momentum increases, Dogecoin price could extend north to overcome the $0.08753 resistance, potentially going as high as to flip the descending trendline into a support. Such a move, constituting a 10% ascent, would open the expanse for the dog-themed token’s price to continue north.
In a highly bullish case, Dogecoin price could foray into the supply zone, stretching from $0.09658 to $0.10210. To confirm the continuation of the intermediary trend, DOGE must record a candlestick close above the midline of this order block at $0.09934.
In highly ambitious cases, Dogecoin price could flip the supply zone into a bullish breaker, before springboarding above it to collect the sell-side liquidity that resides above it, with the $0.10730 range high in sight.
DOGE/USDT 1-day chart
On the other hand, the Awesome Oscillator (AO) indicator in the negative territory hints at an existing bearish pull in the DOGE market. Should the bulls succumb, Dogecoin price could extend the big-picture fall, losing the support at $0.07520. A break and close below this level would invalidate the bullish thesis, setting the pace for an extended slump to the $0.07000 psychological level.
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