🔍 Technical Analysis Overview:
1. Strong Demand Zone (Support Area):
DOGE has just bounced off a strong demand zone around $0.15000 – $0.16318, which previously acted as a significant accumulation area (highlighted in yellow). This signals a potential trend reversal from bearish to bullish.
2. Bullish Bounce Confirmation:
Price action is forming a potential "higher low" in this support area, indicating the early signs of a bullish structure.
3. Key Resistance/Target Levels: If momentum continues, DOGE could target the following resistance zones:
📍 $0.19637 – Initial minor resistance.
📍 $0.21000 – Previous consolidation area.
📍 $0.24911 – $0.31170 – Mid-term targets.
📍 $0.41583 – $0.48432 – Major resistance zone for long-term rally.
4. Short to Mid-Term Outlook:
The price is showing signs of a potential "V-shaped recovery." The yellow arrow suggests possible minor pullbacks before a continued bullish move toward higher resistance zones.
💡 Potential Strategy:
Entry: Look for re-entry opportunities on a retest of the $0.16 – $0.18 zone with bullish candle confirmation.
Stop Loss: Below $0.15000 (key invalidation level).
Take Profits: $0.196 – $0.249 – $0.311 – $0.415 (ladder out positions).
🚀 Conclusion:
DOGE is currently in an exciting technical setup, rebounding from a major demand zone with a strong potential for a bullish trend reversal. If volume supports and broader crypto sentiment improves, a strong upside rally could be in play in the coming weeks.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.