"Blocked twice"...Dogecoin (DOGE), if it can't cross 'here', the rebound ends

▲ Dogecoin (DOGE)

Dogecoin (DOGE) continues its rebound, but an analysis suggests that a trend reversal will be difficult if it fails to break through the $0.094-$0.095 barrier.

According to U.Today on September 10 (local time), Dogecoin rebounded from its August low of around $0.070 after experiencing strong selling pressure throughout the summer. The biggest technical resistance currently lies at the 200-day Exponential Moving Average (EMA) at $0.094. During its recent rebound, it tested this line twice but failed to break it decisively based on the daily closing price.

Accordingly, $0.094-$0.095 has been identified as a critical zone separating a short-term rebound from a full-fledged trend reversal. If this resistance is broken, $0.10 will once again emerge as a target. After that, $0.105-$0.110, which acted as both support and resistance in May, will be the next hurdle.

The support levels are assessed to be more robust than a few weeks ago. The 20-day Exponential Moving Average is located at approximately $0.084, and the 100-day Exponential Moving Average is at approximately $0.083. The 50-day Exponential Moving Average is also acting as additional support at around $0.078.

Conversely, if the $0.082-$0.084 range collapses, the recovery trend could weaken. U.Today analyzed that in this scenario, the possibility of a re-decline towards $0.075 could increase. The Relative Strength Index (RSI) is approximately 61.5, indicating that upward momentum is maintained but has not entered the overbought zone.

While the technical structure is favorable for a rebound for now, a break above $0.094-$0.095 is necessary to confirm a trend reversal. An analysis suggests that the mid-term structure can only significantly improve if it breaks past this zone and recovers to $0.105-$0.110.

[Key Article Summary]

-Dogecoin needs to break through $0.094-$0.095 to aim for a trend reversal beyond a short-term rebound.

-Upon breaking resistance, $0.10 and $0.105-$0.110 were presented as the next target zones.

-Conversely, if $0.082-$0.084 collapses, the possibility of a re-decline to $0.075 could increase.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*