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The Dogecoin price has fallen back toward a major demand zone after the market crash saw the meme coin’s price fall below the $0.18 support. This has triggered a wave of sell-offs that have worked to keep the price suppressed throughout the weekend. But amid the bearish trend, there is the hope of reversal as bulls are beginning to get back in the game. This comes with major levels to be held and broken for the uptrend to be maintained.
Dogecoin Demand Zone Carries Major Implications
Crypto analyst FrankFx has deconstructed the current Dogecoin price movements to show what the altcoin could be looking at right now. The first thing is that he points out the fallback toward the demand zone at $0.171, and through the onslaught of the weekend, this demand zone has held, showing that bulls are making their stand here.
As a result of the support at this level, it has now marked it as a possible bounce point where the next rally begins. The crypto analyst refers to this as a high-confluence demand zone, as the meme coin had seen a price reversal at this point before.
In addition to this, the price has also not reached the lower boundary of the demand zone at $0.168, and the analyst explains that holding this level is bullish for the price. If Dogecoin maintains its hold above this demand zone, then it is possible that a reversal from here would begin sharply.
Presently, the levels to watch include the $0.1710-$0.1702, which the crypto analyst identifies as a strong support zone. This then puts the next major resistance above $0.18, sitting at $0.1862. If this resistance is taken, then $0.2004-$0.2040 becomes the next levels to watch, acting as the major supply zone for Dogecoin.
DOGE Still Showing Weakness On The Charts
Another analyst has pointed out that the Dogecoin price is still showing weakness on the chart after the crash below $0.2. Mainly, the analysis focuses on sell side liquidity (SSL) and how to play it from here. The analyst expects a further drop as the market takes the SSL, pointing this out as a good level to buy.
This point lies at the $0.142 level, and would mean another 20% crash from the current levels. “Still seeing this as a large range development and looking for an HTF bullish reversal to form in this region,” the analyst said in the post.
However, from here, the crypto analyst does expect a bounce after all is said and done. They target an over 100% increase in price, putting the price as high as $0.35 once the bounce is complete.
Featured image from Dall.E, chart from TradingView.com
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