Dogecoin price bounce occurred out of the box as the bounce triggered an upswing over the entire crypto space. The token has been incremental and manifested an exceptional rally during the previous month by surging more than 165%. This induced significant bullish momentum that raised the BTC price close to $17,000, however, hindered by the FTX fallout.
Meanwhile, with the recent improvements in the price, many other altcoins are also struggling to rise under the influence of DOGE. The price currently hovers above $0.09 after rising above the crucial 50-day MA levels. Moreover, the FIB tool that surrounds the November highs and lows indicates that the price has just surged beyond the 0.236 FIB level but failed to sustain.
These FIB levels are often considered weak levels but may provide context for the hidden bullish strength within the crypto space. Furthermore, the DOGE price is expected to register a bullish daily candle beyond these levels to mark an upswing beyond 0.38 FIB levels at $1.054 during the weekend. If the bulls fail to hold at these levels, it may trigger a massive fallout targeting new monthly lows slicing through $0.05.
Meanwhile, the on-chain developments reveal the possibilities of a bullish breakout at the earliest. The daily active address count that records the user’s activity within the specified period has displayed a notable upswing in the past couple of days. This indicates the bulls are currently relaxed but have certainly not exited the platform and hence may jump into action at the earliest.
Collectively, the Dogecoin price requires to break and sustain above $0.095 to gain an opportunity to leap long beyond the $0.15 region. In case of a bearish reversal, the price may eventually slip back to hit $0.07 and may face multiple rejections thereon.