Dogecoin touches the key support level - Is the rebound opportunity just around the corner?

After weeks of decline, Dogecoin (DOGE) is testing the key support level of $0.23. The current RSI is close to oversold territory (33.32), and the market speculates that a significant rebound is imminent. Here are the key points of analysis:
Key support level: The current price of DOGE is $0.25299, and the 200-day moving average is at $0.23045, which is its important support level. If it can hold this support level, a rebound may be expected.
Technical analysis: DOGE has fallen below the 0.618 Fibonacci retracement level ($0.39485), and if it continues to fall below the $0.23 support level, the next key level may be $0.20.
RSI and Market Sentiment: RSI is approaching oversold territory (usually below 30 indicates Rebound), but weak market sentiment may delay the recovery.
Decrease in Active Addresses: Dogecoin's active addresses have decreased from 9.8 million to 1.32 million, indicating a decrease in network activity, usually related to a decrease in speculative interest.
Conclusion: Whether DOGE can rebound depends on whether it can maintain the support at $0.23045 and break through the 50-day moving average of $0.32976. If it surpasses $0.36, it may start an upward trend.
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