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Dogecoin is once again knocking on the door of the psychologically important $0.10 level, after a sharp recovery pushed DOGE above the key technical barrier at the 200-day moving average.
Dogecoin saw a sharp surge on Saturday, rising from a low of $0.084 to $0.095 as buyers returned to the market. The rise builds on the current recovery from a low of $0.08 on September 2.
A surge on September 3 that reached $0.089 attempted to breach the daily MA 200 but was unsuccessful, as Dogecoin fell subsequently. Saturday's rise took Dogecoin effortlessly above the daily MA 200 as price neared $0.1, reaching $0.095.
The $0.1 level remains significant as it marks the current resistance of Dogecoin's rally. Dogecoin's surge in mid-August halted at $0.1 before it fell.
Dogecoin is currently battling to hold above the daily MA 200, with price trading at $0.088. If Dogecoin can hold above this crucial level, it might boost its bullish narrative with a target of ten cents.
The Dogecoin community is watching for a comeback of DOGE price to ten cents. Krisspax, a Dogecoin community member, highlighted Dogecoin's recent price action regarding this potential: "Another Dogecoin run on Saturday, this time up to $0.095. So I snapped another fib retracement tool and saw a pullback to $0.0887 which DOGE hit early Sunday morning. Will Dogecoin go on yet another run and try to break 10 cents? We shall see."
Ten-cent dream nears reality
Crypto analyst Ali recently identified a breakout from a bullish flag pattern on Dogecoin's lower timeframes.
The pattern projects a move toward $0.12, while also aligning with multiple bullish signals developing on the higher timeframes.
The signals include a morning doji star on the daily chart, which is a bullish reversal pattern that typically forms near the end of a downtrend, suggesting that selling momentum may be weakening as buyers step in.
Key support is highlighted for Dogecoin at $0.0813. Price targets are $0.095, $0.10, and $0.12, and in the event of an extended price run, Dogecoin will aim for $0.1552 and $0.1774.
Dan Burgin
U.Today Editorial Team
