Dogecoin has hit a major supply zone around $0.24, where sellers have consistently stepped in. This zone has now been tested multiple times without a breakout, indicating a strong resistance area.
Current Price: $0.2274
Bearish Signals:
Multiple rejections from the blue supply zone (visible range volume confirms this is a high-interest area).
Lower highs forming since last peak.
Failure to close above $0.24 on repeated attempts = potential distribution phase.
Key Levels to Watch:
$0.1958: First support. If this breaks, expect increased selling pressure.
$0.1408: Strong demand zone — last area where bulls stepped in aggressively. This could be a target for swing traders.
Trade Idea:
Short bias as long as price stays below $0.24.
Look for breakdown confirmation below $0.1958 for a swing entry.
Target: $0.1408 zone.
Stop loss: Above $0.2420 to manage risk.
Bearish Confirmation: A 4H candle close below $0.1958 could trigger a move toward the demand zone.
Volume Insight: Volume is drying up on each retest, indicating exhaustion of buyers at higher levels.
What do you think? Will DOGE break down or bounce back? Drop your thoughts!