Elon Musk Win Boosts Dogecoin Above $0.10, 15% Jump on Horizon

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.