Dogecoin Price Rebounds Strongly from Support Zone
Dogecoin (DOGE/USDT) surged nearly 9%, climbing to around $0.00262, after rebounding from a major demand zone between $0.00180 and $0.00200. The move comes as broader memecoin momentum is fueled by trading activity in rival token Shiba Inu (SHIB), which has also seen notable inflows.
The daily chart shows DOGE breaking free from a descending channel that capped its trend earlier this year. After weeks of sideways action near support, buyers stepped in aggressively, pushing price toward the $0.00300 resistance level.
“DOGE is showing a classic rebound pattern, with a clean defense of support and strong follow-through. If volume persists, a retest of the $0.00320–$0.00350 range looks highly likely,” According to BITX technical strategists.
Key Technical Levels
- Immediate support: $0.00180–$0.00200
- Short-term resistance: $0.00300–$0.00320
- Major supply zone: $0.00550–$0.00600
- Current trading volume: 419M
The bounce aligns with rising participation across memecoins, suggesting speculative capital is flowing back into this niche sector of the crypto market. The brown resistance band near $0.00320 represents the next key hurdle, with multiple past rejections observed at that price point.
While DOGE has recovered sharply, analysts caution against assuming a straight-line rally. Sustaining above $0.00250 is crucial to confirm bullish continuation. A failure to hold these levels could see DOGE revisiting the lower green demand zone.
“The memecoin sector thrives on bursts of retail enthusiasm, but technical confirmation remains essential. DOGE needs to break above $0.00320 with conviction before bulls can target higher levels,” One of BITX market watcher explained.
With DOGE up 9% and SHIB also attracting flows, the memecoin narrative appears alive once again, though volatility remains high. Traders will be watching whether DOGE can maintain momentum and capitalize on renewed interest across speculative altcoins.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.