Key Supply Zone

Dogecoin displays short-term downward movement within a bullish long-term trend. Break above descending trend lines forms demand zone, influencing upward trajectory. Close observation advised as it nears a strong supply zone, potential retracements may present strategic entry points.

12/4/20231 min read

Dogecoin chart indicating short-term downward movement within a bullish long-term trend. Break above
Dogecoin chart indicating short-term downward movement within a bullish long-term trend. Break above

Dogecoin has exhibited a downward movement upon encountering its established supply zone. However, the overarching trend remains bullish in the long-term perspective.
This bullish sentiment is underpinned by the cryptocurrency's break above its persistent long-term and weekly descending trend lines, which has catalyzed its upward trajectory.
A consequential formation of a demand zone has exerted upward pressure on its value. Presently, Dogecoin is positioned near a robust long-term supply zone.
The interaction with this zone warrants close observation for potential price retracements towards the established demand zone and the corresponding support level.
The credibility of these zones is significant, suggesting that post-validation of these key areas, strategic entry points for trading can be considered.