- Dogecoin price is up 5% in the last 24 hours, with trading volume contributing to the tailwind, up 90%.
- DOGE could rise 10%, flipping the supply zone into a bullish breaker at $0.0815 amid growing buyer aggression.
- A break and close below the $0.0569 level would invalidate the bullish thesis, with the $0.0491 range low in sight.
Dogecoin (DOGE) price is bullish, leading its peers in the meme coin category in an uptrend as the spillover of the Bitcoin (BTC) rally continues to bode well for altcoins. Among the meme coins that are following on the heels of DOGE are Shiba Inu (SHIB) and Floki Inu (FLOKI), with the latter boasting more than 30% gains in launch-induced hype.
Dogecoin price could rally 10%
Dogecoin (DOGE) price is up almost 25% this week alone after pivoting around the $0.0569 support floor. The thrust north is invigorated by rising momentum, with no signs of stopping as investors’ selling appetite remains in check.
Dogecoin price could rise 10%, breaking past the supply zone which extends from $0.0755 to $0.0807 if momentum continues to rise. Flipping this supply barrier into a bullish breaker could set the trajectory for DOGE to tag the $0.0815 resistance level.
In a highly bullish case, the gains could extend for Dogecoin price to collect sell-side liquidity before reaching the $0.0885 and ultimately the $0.0900 psychological level. Such a move would constitute a 30% climb above current levels
DOGE/USDT 3-day chart
With a 73% correlation with Bitcoin (BTC), Dogecoin price is following on the heels of the flagship crypto as it continues to surge with $35,000 in sight.
DOGE correlation with BTC
The steady rise in average transaction size also corroborates the bullish outlook, with data showing a 24% increase in the last seven days, moving from $12,552 to $42,327 as of press time. This metric shows how much DOGE traders are spending, with the 24% surge suggesting more volatility should be expected from Dogecoin price. This adds credence to the 10% gains potential for Dogecoin price.
DOGE average transaction size
On the other hand, a rejection from the supply zone (order block marked in red) could send Dogecoin price south. If the rejection is worsened by aggressive profit taking, DOGE could give up all the ground covered to revisit the floor price of $0.0569, or in the dire case, breakdown the support to collect buy-side liquidity residing underneath.