Dogecoin price eyes $0.09 as bulls await the signal to buy DOGE

Dogecoin price remains above the descending trendline as bulls show up to define support.
DOGE could rise 5% to reclaim the $0.0900 milestone, levels last tested on Tuesday.
The bullish thesis will be invalidated if the price breaks and closes below $0.0817

Lockridge Okoth FXStreet

Dogecoin (DOGE) price broke above the descending trendline on Valentines Day, February 14, but the breakout proved premature as the traders quickly booked profit. However, the breakout encouraged sidelined investors who did not want to be left behind the second time around.

Also Read: Dogecoin price eyes double digit gains as DOGE bulls make a comeback

Dogecoin likely to rise 5%

Dogecoin (DOGE) price remains above the descending trendline, setting the stage for a 5% climb to the $0.0900 milestone. The Relative Strength Index (RSI) is inclined north, suggesting rising momentum. If the trajectory continues, the RSI would soon cross above its signal line (yellow band), a crossover interpreted as a buy signal.

The histogram bars of the Awesome Oscillator (AO) are also in positive territory, adding credence to the bullish thesis.

If buyers show resolve, the Dogecoin price could shatter past $0.0900, extending the gains to the $0.1000 psychological level.

DOGE/USDT 1-day chart

On the flip side, traders cashing in on the gains made could see the Dogecoin price drop below the descending trendline, likely refreshing another bearish cycle. Such a directional bias could see DOGE price lose the $0.0817 support, or in a dire case, extend the fall to the $0.0752.

Author

Lockridge Okoth

FXStreet

Lockridge is a believer in the transformative power of crypto and the blockchain industry.

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