Dogecoin Defends Key Demand Zone — Is a Bounce on the Cards?
Dogecoin Defends Key Demand Zone — Is a Bounce on the Cards?
Dogecoin (DOGE) has held firm within a crucial demand range between $0.142 and $0.160, rebounding from a two-month low of $0.142 yesterday to trade near $0.154—up roughly 4.8% on June 23. This bounce suggests the bulls are actively defending this support zone.
On-Chain Signals Point to a Bottom
The 30-day MVRV (Market Value to Realized Value) metric has dropped to historically low levels, often seen when long-term holders are underwater—positively indicating a local bottom. Adding to this, open interest in Dogecoin futures has slumped over 67% since December, falling from about $4.07 billion to near $1.33 billion.
Technicals Support the Bulls
Order‑block demand zone: Analysts note that the $0.142–$0.160 region aligns with a historic “order-block” zone where large clusters of buy orders typically accumulate.
Double‑bottom formation: On the 4‑hour chart, DOGE appears to be tracing out a classic double-bottom pattern—often a bullish reversal signal—potentially paving the way toward $0.22.
RSI breakout: The Relative Strength Index has broken out from a sideways range, adding further weight to recovery expectations.
Whale Accumulation May Spark Rally
On-chain data shows that large holders (“whales”) have bought over 530 million DOGE in the past 72 hours — a strong signal of renewed confidence from major investors.
Summary: Is a Reversal Coming?
Signal | Interpretation |
|---|---|
Demand defended at $0.142–$0.160 | Bulls stepping in; support intact |
MVRV & open interest at depressed levels | Bottoming conditions present |
Double-bottom + RSI breakout | Technical setup targeting ~$0.22 |
Whale accumulation | Institutional interest rising |
While short-term upside seems increasingly likely, DOGE must hold above the demand zone to maintain its bullish setup. A close below $0.142 could open the door to deeper losses.
What to Watch Next
Price action within the $0.142–$0.16 range for signs of retest or breakdown.
Volume and RSI for confirmation of renewed bullish momentum.
Whale activity—further accumulation would strengthen upside bias.