DOGE is now approaching its last and major monthly support zone, located around 0.05 to 0.06 dollars. This support level has the potential to stop further decline. After touching this zone, the market may either enter a dead range for a while or, alternatively, begin a heavy pump soon after. In both scenarios, a gain of around 200 percent is possible, and targets such as at least 0.16 dollars are being considered.
Let's examine the current structure on the DOGE chart. Price is moving down toward the 0.05 to 0.06 dollar area, which represents the final major monthly support zone.
Learn this: A major monthly support zone is a price area that has historically attracted strong buying interest on the higher timeframe. When price approaches such a zone, the reaction there is critical because it often determines whether the broader trend will reverse or continue lower. Monthly levels carry more weight than daily or weekly levels because they reflect long-term market structure.
The 0.05 to 0.06 dollar zone is considered the last line of defense for the bulls. If this support holds, it can stop the price from falling further.
Learn this: Support levels are not guaranteed to hold, but they represent areas where the risk-to-reward ratio for buyers becomes favorable. When price reaches a major support, sellers often take profit and buyers step in, which can slow or halt the decline. However, confirmation is always needed before assuming the level will hold.
After touching this support, two scenarios are possible.
In the first scenario, the market enters a dead range for a while. This means price moves sideways with low volatility, building a base before the next move.
In the second scenario, price touches support and soon after begins a heavy pump. This would happen if buyers step in aggressively right at the support level, overwhelming sellers and pushing price higher quickly.
