Dogecoin (DOGE) is holding strong above a key price level after a small market dip, signaling a critical turning point. The meme coin has broken out of a monthly downtrend that began in late March, leading to increased optimism among analysts and investors.
Some analysts predict that if Dogecoin breaks above the $0.12 mark, it could trigger a larger rally in the meme coin space. However, the next few days are crucial in determining whether DOGE will lead the rally or need more consolidation.
DOGE has been consolidating between $0.092 and $0.115 since early August, indicating accumulation by smart money. Analyst Daan highlights that if DOGE holds above $0.105 and breaks $0.12, it could surge aggressively higher.
DOGE is currently trading at $0.101 after a 7% dip but showed strong recovery from local lows. Despite struggling to maintain its position above the 4-hour 200 EMA, reclaiming this level is essential for short-term bullish momentum. A failure to break above it could lead to deeper correction.
As the market remains uncertain, investors are eagerly watching to see if DOGE can break back above key technical levels or face further downside pressure in the days ahead.
