DOGEUSD Critical Supply Zone – Dump Incoming or Just a Fakeout?

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!



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