๐ On June 23, Dogecoin (DOGE) surged to $0.154, posting a 4.84% daily gain, with trading volume exceeding $1.43 billion. The popular meme coin appears to be staging a comeback after hitting a two-month low of $0.142 yesterday. Bulls successfully defended a key demand zone that has held strong since November 2024 โ could this be the beginning of another rally?
History Repeats? $0.142โ$0.160 Remains a Stronghold
This price range has repeatedly served as a launchpad for bullish momentum. Back in March 2025, after DOGE dipped into this demand zone, it quickly rebounded by 40%. A similar scenario played out in April, when the price soared from $0.14 to $0.25, making Dogecoin one of the top-performing meme coins at the time.
If this pattern repeats, DOGE could once again rally, potentially targeting the 61.8% Fibonacci retracement level at $0.21. With renewed market optimism, a move toward $0.34 is not out of the question.
RSI and MVRV Indicate a Bottom โ Bulls Ready to Charge
๐น The Relative Strength Index (RSI) signals that DOGE is currently oversold โ a condition that previously led to bullish reversals.
๐น The 30-day MVRV ratio (Market Value to Realized Value) has dropped to -15.43%, indicating that most recent holders are in the red. When traders are at a loss, they're typically less willing to sell โ a factor that can often precede price rebounds.
But What If Support Breaks?
If the critical $0.142โ$0.160 support range fails, analysts warn of a potential drop toward $0.13. A symmetrical triangle pattern also suggests that DOGE could face up to a 60% downside if bulls canโt hold the line.
Summary: Opportunity or Trap?
Dogecoin is at a crucial crossroads. The key demand zone still holds, and history shows that this level has triggered strong rallies in the past. With negative MVRV readings and oversold RSI backing a bullish thesis, the setup looks promising.
However, if fear persists and the support fails, DOGE may be in for a deeper correction. The coming days will be critical in determining whether bulls take control or bears push prices lower.
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