Is Dogecoin Dead? This Sign Suggests a Potential DOGE Price Rebound Is On The Horizon

Dogecoin Poised for Potential Rebound

Dogecoin ($DOGE) experienced a surge in the past week, rising 8.5% to a peak of $0.114 after being confined within a narrow $0.10 channel for most of August.

Technical Analysis

Twitter analyst Ali Charts observed a bullish divergence between Dogecoin's price and its Relative Strength Indicator (RSI) on the 4-hour chart. This indicates a potential reversal after a period of decline.

The Tom Denmark (TD) Sequential indicator further suggests that a price rebound may be imminent. A series of nine consecutive lower closes has flashed an S13, signaling a potential buy signal.

Support and Resistance Levels

A support level has been identified at $0.094, where Dogecoin recently bounced. A resistance zone can be seen above the current price, between $0.098 and $0.100.

Price Forecast

The bullish RSI divergence and TD sequential buy signal suggest that Dogecoin may be poised for a comeback. A break above the $0.098 resistance level with increased volume could drive the price towards the psychological level of $0.1000.

However, a breakdown below the $0.0940 support level could lead to further bearish pressure and a retest of lower support.