Dogecoin Falls Back to Crucial Technical Zone, Invalidating Key Support

Dogecoin (DOGE) is struggling to recover from its recent downturn. Despite a brief rally in August, DOGE has returned to a crucial technical zone, falling below the 100-day EMA near $0.0816.

The 100-day EMA was previously interacted with in May, and its loss led to a decline towards $0.08 and eventually the summer bottom around $0.069.

DOGE's failure to establish a sustainable reversal during its August rally has resulted in a series of lower highs, bringing it back to the 100-day EMA.

The recent move below $0.0816 has invalidated one of the strongest elements of the August recovery, and DOGE is now located close to its shorter-term moving average at $0.0805.