Dogecoin's price has fallen towards a major demand zone following a market crash where it dropped below $0.18 support.
Despite the bearish trend, there is optimism for a potential reversal as bulls are becoming active in the market.
Crypto analyst FrankFx highlights the significance of the $0.171 demand zone which has held during the weekend, indicating a possible bounce point for a rally.
The analyst sees the $0.168 boundary within the demand zone as crucial, with a hold at this level considered bullish for Dogecoin's price.
Key levels to monitor include the strong support zone at $0.1710-$0.1702 and the next resistance at $0.1862 with further supply zones at $0.2004-$0.2040 for Dogecoin.
Another analyst notes weakness in Dogecoin's price post-crash, focusing on sell side liquidity and hints at a potential drop to $0.142 before expecting a bounce.
Despite the current weakness, the analyst predicts a significant price increase of over 100%, targeting a price as high as $0.35 following the bounce.