Dogecoin’s price has experienced a notable decline over the past 24 hours, dropping around 5%. According to CoinStats, a potential correction across the cryptocurrency market is most likely. 🕵️♂️
The hourly chart shows DOGE hovering near its local resistance level of $0.1482. If this level holds or breaks through it, further gains towards the $0.15-$0.1550 zone might occur.
On a longer timeframe, however, Dogecoin’s price action is far from the support and resistance levels. Even if today’s daily bar closes in an upward direction, this energy may not be enough for significant further uptrends.
Overall, a sideways trading scenario within the $0.14-$0.1550 range seems most probable. 📊
Looking at a longer-term perspective, Dogecoin’s price has staged a false breakout from its support level of $0.1411. If this weekly bar closes significantly away from that mark, a test of the $0.16 area could occur soon.
At present, DOGE is trading around $0.1478.
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