Key Highlights
- DOGE has recovered from its September 2 low of $0.08 and is now trading close to the $0.09 level.
- The latest rise took Dogecoin from about $0.084 to $0.095, helping it move above a key technical level after an earlier failed attempt.
- Dogecoin is now close to the ten-cent mark, with analysts watching $0.10 and a possible move toward $0.12 if the recent breakout continues.
Dogecoin (DOGE) has climbed about 8% in the past week as the token continues its recovery and approaches the $0.10 resistance level.
According to data from CoinMarketCap, DOGE recently traded around $0.09 after climbing from an intraday low of $0.08 with the recent surge coming as buyers returned and pushed the token above its 200-day moving average.
The surge started after Dogecoin fell to around $0.08 on September 2. The token then began to recover, although its first attempt to move above the daily 200-day moving average on September 3 did not succeed. DOGE reached about $0.089 during that move before falling again.
The next major move came Saturday, when DOGE climbed from about $0.084 to nearly $0.095.
The $0.10 mark comes into view
The move brought Dogecoin within reach of $0.10, a level that has become an important point for the current recovery.
The $0.10 level has previously acted as resistance for DOGE. Dogecoin also reached $0.10 during its rally in mid-August, but the move stopped there before the price fell. That makes the ten-cent mark an important test for the current recovery.
After reaching $0.095, Dogecoin pulled back to around $0.0887 early Sunday. The token was later trading around $0.088 as it tried to stay above the 200-day moving average. Holding above the 200-day moving average could keep the recovery toward $0.10 in focus, according to the technical setup.
DOGE pulls back after reaching $0.095
The move has also caught the attention of members of the Dogecoin community. Krisspax pointed to Saturday’s rise and the pullback that followed while asking whether DOGE could make another attempt at the ten-cent level.
“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.”
Technical analyst Ali Charts has also highlighted a possible reason for the recent move. According to Ali, DOGE has broken out of a bullish flag pattern on lower timeframes. A bullish flag is a chart pattern that can appear after a strong move higher and may point to another rise if the breakout holds.
The pattern identified by Ali projects a possible move toward $0.12. The analysis also points to other bullish signs on higher timeframes, including a morning doji star on Dogecoin’s daily chart. This pattern can appear near the end of a decline and may show that selling pressure is starting to weaken as buyers return.
All eyes turn to the next price targets
The source places key support for DOGE at $0.0813. If the recovery continues, the main price levels being watched are $0.095, $0.10 and $0.12. In a stronger move, further targets of $0.1552 and $0.1774 have also been identified.
For Dogecoin, the next part of the move now comes down to whether it can stay above the 200-day moving average and make another attempt at $0.10. After recovering from its September low, DOGE is once again close to a level that has stopped its rallies before.
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