On Sunday, September 13, Dogecoins price surged by nearly 3% to reach $0.0848, continuing its recovery from the August lows.
While some analysts believe the memecoin may be forming a base for a more significant rebound, a familiar obstacle around $0.09still stands before DOGE to gather enough support for a clear run to and move beyond $0.10.
Dogecoin attempts to leave its decline behind
DOGE traded as high as $0.08496at the time of writing, with volume hitting 141.53 milliontokens. Buyers have stepped in when it approached $0.08, keeping DOGE from returning to its recent lows.
The recent rise arrives after a difficult few months for Dogecoin, seeing it drop from above $0.11in May and falling briefly to below $0.07in August.
That decline has slowed with DOGE mostly between $0.08 and $0.009. The tighter range is seen by some analysts as evidence that sellers are losing control.
The road to $0.10 remains difficult
The nearest test is between $0.088 and $0.09. DOGE has struggled around the level multiple times since the August rally, and buyers have not been able to keep its price above the level.
If it sees a successful move beyond $0.09, it would bring $0.10back into view, but as it stands with the latest price, it would need to gain about 18%to reach that level.
Other analysts have identified more challenging targets of $0.176 or $0.279, but these projections still require DOGE to breach $0.10and carry its recovery.
Source: TradingView
DOGE is now getting to look a bit more steady as it climbs, with buying strength evenly dispersed among the prices range without unusual bursts. Once under $0.08, DOGE would start looking less healthy from a recovery perspective as our focus moves to low prices.
Final Summary
- The Dogecoin price rose 2.96% to $0.0848, continuing its recovery from August.
- First, DOGE will need to break the resistance near $0.09 before it can target $0.10.