DOGE/USD: Breakdown Incoming? Supply Zone Rejection

. Strong Supply Zone at $0.24009 – $0.25000

Price sharply rejected from this area, forming consecutive bearish candles.

Previous attempt in March also failed at this zone – double rejection = high supply strength.



2. Bearish Engulfing Confirmation

A bearish engulfing pattern has formed, signaling potential trend reversal after bullish momentum.

Selling pressure increasing, with volume backing the move down.



3. Support Levels to Watch:

$0.19361: Previous resistance turned support. If this breaks, further drop likely.

$0.14915: Major demand zone. High confluence from past reversals and visible range support zone.



4. Indicators:

LuxAlgo’s Supply and Demand visible range highlights high liquidity clusters at $0.15 and $0.24 zones.

Arrows suggest institutional interest near $0.15 – possible bounce zone.





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Outlook:
DOGE appears to be in the early stages of a bearish correction after failing to break the $0.25 resistance. A clean breakdown below $0.19361 opens room to revisit the $0.15 zone, where strong historical demand and accumulation occurred. Swing traders should monitor price action closely around these key levels.


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Possible Trade Idea:

Short Setup: Below $0.19361 with TP around $0.14915

Long Setup (Low Risk): Entry near $0.14915 with tight SL below demand zone



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What’s Your Take?
Are you buying the dip or waiting for $0.15? Drop your analysis below, and don’t forget to like and share if you find this useful!

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