- Dogecoin price is currently bouncing off the $0.127 to $0.137 demand zone.
- A spike in buying is likely to propel DOGE by 60% to $0.215.
- A daily candlestick close below $0.127 will invalidate the bullish thesis.
Dogecoin price faces exhaustion after its recent gains, causing a minor retracement. This pullback has pushed DOGE into a demand zone, suggesting the possibility of a quick run-up.
Dogecoin price to kick-start another run-up
Dogecoin price retraced 14% after a 40% upswing that began on March 14. While the pullback will allow Dogecoin buyers to recuperate, it was caused by Bitcoin’s sudden downtrend. Regardless, the retracement has caused DOGE to retest the $0.127 to $0.137 demand zone, which will provide bulls with the extra oomph to kick-start another leg-up.
The resulting rally will propel DOGE to retest the $0.163 and $0.194 weekly resistance barriers. Clearing these hurdles is crucial for market makers to collect the buy-stop liquidity resting above the $0.194 barrier.
This ascent, therefore, would constitute a 60% gain for investors that are willing to seize the opportunity, and the time is now ripe as the Dogecoin price retests the daily demand zone.
DOGE/USDT 4-hour chart
While things are looking up for Dogecoin price, the breakdown out of the demand zone will put a final nail in the bulls’ coffin.
A daily candlestick close below $0.127 will invalidate the bullish thesis for Dogecoin price by creating a lower low. This move will also lead to the breakdown of the demand zone, indicating a surge in selling pressure.
In this situation, market participants can expect DOGE to retrace to the $0.109 support level, allowing buyers to regroup and give the uptrend another go.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple holders' profit taking hits a 19-month high as XRP price shoots up by 42%
XRP price has performed beyond expectations and has marked a multi-month high, restoring confidence in its investors. These holders have also made the most of the situation and turned to sell, which could backfire on the price action soon.
Decentraland Price Forecast: What to expect from MANA as Metaverse Fashion Week kicks off

Decentraland price (MANA) has identified critical support on day one of the Metaverse Fashion Week. The token is trading horizontally on the four-hour timeframe as bulls push to break above a descending trendline.
Ethereum devs confirm withdrawals to begin on April 12; Here's what to expect from ETH price

Ethereum is on the verge of bringing about one of the biggest upgrades to the blockchain since the Merge. The arrival of withdrawals has been anticipated for a long time now, however, it may not be as lucrative for Ethereum price as one might expect.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Market woes threaten bullish potential, XRP is undeterred

Bitcoin has reclaimed above $27,000, but increasing market volatility threatens the leg up. Ethereum faces critical resistance at $1,819 as investor sentiment suggests liquidity issues. Ripple reaches multi-month highs amid lawsuit-related optimism.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?

Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.