As an experienced market analyst, I’ve seen my fair share of market ups and downs, and based on the current data provided by CoinStats regarding DOGE/USD, here’s my take:
The market is again in the red zone, according to CoinStats.
DOGE/USD
The rate of DOGE has fallen by 2% since yesterday.
On the hourly chart, the Dogecoin price has been climbing since hitting a recent support mark of $0.1617. Should this uptrend persist, we might see a challenge of the $0.17 level by the next day.
On a daily time scale, the meme coin’s price falsely exceeded yesterdays high of $0.173, but the upcoming candle is likely to finish well away from its high and low marks.
In this case, sideways trading in the zone of $0.165-$0.17 is the more likely scenario.
Based on the midpoint analysis, the outlook appears more favorable. If the week ends with the price of the weekly bar hovering around or above the $0.17 mark, the accumulated energy could potentially trigger a breakthrough, leading to a advance towards the $0.18 region.
DOGE is trading at $0.1667 at press time.
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2024-05-22 19:19