The cryptocurrency market has witnessed a green surge, with Dogecoin (DOGE) leading the pack as of press time. According to CoinMarketCap, DOGE’s price has climbed by 4.87%, placing it among today’s top gainers. Analyzing the hourly chart, DOGE’s price hovers near the middle of its local channel, with support at $0.2163 and resistance at $0.2232. The lack of dominance on either side suggests a limited chance for sharp moves in the coming hours. ::
However, on longer timeframes, the trend remains bearish as the price is closer to its support level than its resistance. If bear pressure persists and breaks below the bottom, a test of the $0.19-$0.20 range may occur by the end of this week.
Looking at the mid-term perspective, the picture appears neutral; however, traders should focus on the interim zone near $0.20. If this level is broken, accumulated energy could lead to a drop towards the $0.16 mark. DOGE currently trades at $0.2202 according to sources.