Dogecoin just rejected hard from a strong Supply Zone around $0.2400, showing a sharp intraday drop of over 8%. Is this the beginning of a deeper correction or just a healthy retrace?
Key Levels to Watch (1H Chart):
1. Resistance Zone (Supply):
$0.2400 - $0.2450: Heavy supply zone marked by LuxAlgo’s visible range. Price got sharply rejected here, indicating strong seller interest.
Expect any move into this zone to face significant resistance unless supported by volume surge.
2. Immediate Support:
$0.2027: First key demand level. A breakdown here could trigger panic selling.
Watch this level for potential bounce or breakdown setup.
3. Major Support Zone:
$0.1564 - $0.1620: High volume node + previous accumulation range.
This is where large buyers previously stepped in. If DOGE dumps hard, this is a potential long entry zone.
4. Bearish Signal:
Price created a double wick rejection at the top of the supply zone.
Red arrows suggest a potential drop to $0.2027, or even $0.1564, if volume confirms.
Potential Trade Setup:
Short Bias: If price fails to reclaim $0.2400 zone and breaks below $0.2250.
TP1: $0.2027
TP2: $0.1564
SL: Above $0.2450
Risk/Reward: High with tight stops above clear supply
Fundamental Watch:
Multiple U.S. economic events approaching (CPI, PPI). Volatility could spike around May 13–16. Combine TA with news timing!
---
Let’s discuss:
Are you shorting DOGE or buying the dip? Drop your analysis and let's trade smarter together!
#DOGE #Dogecoin #Crypto #Altcoins #LuxAlgo #TechnicalAnalysis #SupplyDemand #CryptoTrading
Key Levels to Watch (1H Chart):
1. Resistance Zone (Supply):
$0.2400 - $0.2450: Heavy supply zone marked by LuxAlgo’s visible range. Price got sharply rejected here, indicating strong seller interest.
Expect any move into this zone to face significant resistance unless supported by volume surge.
2. Immediate Support:
$0.2027: First key demand level. A breakdown here could trigger panic selling.
Watch this level for potential bounce or breakdown setup.
3. Major Support Zone:
$0.1564 - $0.1620: High volume node + previous accumulation range.
This is where large buyers previously stepped in. If DOGE dumps hard, this is a potential long entry zone.
4. Bearish Signal:
Price created a double wick rejection at the top of the supply zone.
Red arrows suggest a potential drop to $0.2027, or even $0.1564, if volume confirms.
Potential Trade Setup:
Short Bias: If price fails to reclaim $0.2400 zone and breaks below $0.2250.
TP1: $0.2027
TP2: $0.1564
SL: Above $0.2450
Risk/Reward: High with tight stops above clear supply
Fundamental Watch:
Multiple U.S. economic events approaching (CPI, PPI). Volatility could spike around May 13–16. Combine TA with news timing!
---
Let’s discuss:
Are you shorting DOGE or buying the dip? Drop your analysis and let's trade smarter together!
#DOGE #Dogecoin #Crypto #Altcoins #LuxAlgo #TechnicalAnalysis #SupplyDemand #CryptoTrading
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✅JOIN FREE SIGNALS t.me/frankfxforextrade
✅FOR VIP DM: t.me/frankfx22
✅ AUTOMATED BOT: bot.frankfxx.com/
✅ICMARKETS frankfxx.com/icmarkets
✅ EXNESS frankfxx.com/exness
✅ XM frankfxx.com/xm
✅FOR VIP DM: t.me/frankfx22
✅ AUTOMATED BOT: bot.frankfxx.com/
✅ICMARKETS frankfxx.com/icmarkets
✅ EXNESS frankfxx.com/exness
✅ XM frankfxx.com/xm
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.