Dogecoin is testing the $0.1 price level again even as one of Dogecoin's most prominent fans, Elon Musk, draws attention across the crypto community.
This week, Tesla and SpaceX CEO Elon Musk returned to the crypto timeline after he reacted to an archived screenshot of his profile from the NFT boom with "lol."
Furthermore, the crypto community's attention was drawn to his recent post, which had the DOGE tag, with some interpreting it as a Dogecoin post, signaling that his interest in the dog-themed cryptocurrency remains.
Dogecoin was trading at $0.098, having reached a high of $0.10 early Saturday. This would not be Dogecoin's first attempt to surmount this level in recent days; at least three instances saw the dog coin barely surpassing $0.1.
On September 21, Dogecoin reached $0.102; bulls sought to drive Dogecoin further as it touched $0.106 and $0.104 on September 22 and 23, respectively, before the price fell.
Bulls resumed their endeavor to push Dogecoin past ten cents again toward the weekend, with Dogecoin's rise on Friday stopping at $0.10, and this was repeated on Saturday. Currently, bulls' efforts are yet to conclude, with Dogecoin unable to surpass $0.10.
Dogecoin needs a critical breakout
With multiple tests of the $0.10 level (Dogecoin's rally stopped at this level on August 22, 2026), Dogecoin seems to have confirmed a short-term barrier here, with a decisive breakout past $0.10 now crucial for the next major price move.
A potential breakout past $0.1 will target $0.11 and $0.14, ahead of the $0.18 and $0.2 levels.
Meanwhile, it will be worth watching whether Dogecoin can convert the daily MA 200, a level that has capped its price since October 2025, into support. If this is unsuccessful, Dogecoin will eye its next support at the daily MA 50 at $0.083.
On-chain data suggests room for recovery for Dogecoin traders as its 365-day MVRV stays negative.
The 365-day MVRV for Dogecoin, despite the rally in price, is at -19.26%, which means the average trader who has been active in the last year is facing losses. The downside risk is limited, and the good news is that traders can bounce back if demand stays strong.
