Dogecoin Price Eyes $0.087 Support as Recovery Case Remains Strong

The price of Dogecoin (DOGE) is currently experiencing a correction after its recent climb to a local peak. At the time of writing, DOGE is trading at $0.09448, down 7.51% over the last 24 hours.

According to Trader Tardigrade, the current drop may be considered a natural part of consolidation within the uptrend. The analyst believes that DOGE had formed a local high close to the resistance level, creating conditions for taking profit, and the current correction will allow forming another base before making any attempts to go higher.

The critical point to look out for is $0.087, which may be considered a consolidation level that will help Dogecoin stabilize prior to a further bullish rally. If DOGE manages to hold above this level, the current rebound pattern would remain untouched. On the contrary, if there is any breakdown below this level, then the entire structure would come into question.

The momentum indicators also back up the existing setup for the recovery. The MACD line is 0.00319, which contrasts with the signal line that is 0.00213, resulting in the histogram value being 0.00106. With the MACD still above the signal line, the indicator continues to show positive momentum.

Additionally, the Relative Strength Index (RSI) continues to be above its neutral value, indicating that buying pressure is stronger than selling pressure. Furthermore, DOGE ETF inflows add another demand signal, with investors pouring $1.2 million into spot DOGE ETFs, alongside more than $2 million in weekly net inflows.