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DOGE Is Dogecoin on the verge of a major rebound?
Recently, the price of Dogecoin has shown a strong upward trend, successfully breaking through the much-watched 200-day moving average. Driven by strong buying over the weekend, its price surged from $0.084 to $0.095. This trend marks a significant continuation of the recovery that has begun since hitting a low of $0.08 on September 2.
Can dogcoin hit the 10-cent mark again?
Yes, expectations of Dogecoin testing the 10-cent (US$0.10) level have returned to the market's focus. Previously, on September 3, Dogecoin tried to break through US$0.089 and stand above the 200-day moving average, but failed. However, a new round of buying pressure on Saturday pushed it past that technical threshold, bringing it once again close to the important $0.10 resistance level. Traders couldn't help but wonder whether the rally could last.
10 cents is a strong short-term resistance level. In mid-August, previous rallies also paused in the region, which subsequently led to a price correction. Currently, Dogecoin fluctuates around US$0.088, and market participants are paying close attention to its ability to maintain this support despite shocks.
As Krisspax, a member of the Dogecoin community, pointed out, the price hit $0.095 on Saturday and then fell back to $0.0887, drawing attention to another round of attempts to hit the 10 cents.
Can we see $0.12 soon?
Cryptocurrency analyst Ali pointed out that there was a breakthrough in the bullish flag pattern on the dogcoin short-term chart. This pattern is often seen as a positive sign that the upward trend continues. In addition, the appearance of a "Morning Doji Star" pattern on the daily chart may suggest that selling pressure is weakening as signs of reversal emerge.
Supporting this technical outlook is potential bullish signals visible over the long-term time frame. The emergence of the Morningstar Cross pattern suggests that bearish sentiment is fading, which usually means momentum is turning in favor of buyers.
Key levels to focus on are as follows:
- Main support level: US$0.0813, which is a critical downside threshold.
- Immediate resistance: US$0.10, which is a strong short-term barrier.
- Breakthrough target price: US$0.12.
Dogecoin was launched in 2013 and is known for its extensive user base. Staying above the 200-day moving average could further boost its momentum towards 10-cent resistance. Analyst Ali believes that the breakthroughs observed in the lower time frame are consistent with favorable indicators in the higher time frame, providing potential momentum towards $0.12.
