[DigitalToday reporter Yoonseo Lee] Dogecoin has begun forming a base in the $0.067 to $0.070 range after months of selling pressure, but an analysis said it is still too early to conclude the trend has reversed.

Blockchain media outlet U.Today reported on Aug. 13 that Dogecoin has recently stopped making aggressive new lows and is trying to enter a short-term rebound phase.

Dogecoin is currently trading around $0.0700. Since July, the same price band has repeated, slowing the pace of declines, and recent moves have been closer to shrinking volatility than to widening losses.

In the short term, an attempt to reclaim moving averages is emerging. The shortest moving average sits at $0.0711, and this is the first positive sign mentioned in the market.

The market is first watching whether Dogecoin can reclaim the 50-day moving average. That zone is around $0.0723, and Dogecoin is currently testing that level. A move back above $0.071 to $0.072 could be meaningful progress over the past few weeks.

The relative strength index (RSI) has also improved. The RSI moving average rose from around 43 to about 45.8. It remains below the baseline of 50, but it is confirmed to have moved away from the extreme low levels seen in the previous selling phase.

But forming a bottom and shifting into an uptrend are different issues. The 100-day moving average, which shows the medium-term trend, is higher at $0.0813. The 200-day moving average, a long-term trend indicator, is also falling and sits near $0.0971. Dogecoin has recently found stability, but remaining below key medium- and long-term trend indicators suggests the overhang still persists.

The key to the next price move is also relatively clear. If Dogecoin settles above $0.072 to $0.073, it could retest $0.075. After that, $0.081, seen as a stronger resistance level, becomes the next target. A break above that resistance could be a bullish catalyst, but on the downside, the $0.067 to $0.068 zone must hold.

Looking only at short-term indicators, sentiment has improved from before. Momentum is rebounding, the selling trend has eased, and volatility is declining. Whether Dogecoin has entered a full-fledged rebound phase is expected to be decided by a recovery of $0.072 to $0.073 and a break above $0.081.