As an experienced market analyst, I have seen numerous price corrections and trends in various cryptocurrencies, including DOGE. Based on the current data, it appears that the market is experiencing a slight correction, with DOGE’s price declining by 1.49% over the last 24 hours.
The market is facing a slight correction at the beginning of the week, according to CoinMarketCap.
DOGE/USD
The price of DOGE has declined by 1.49% over the last 24 hours.
On the hourly chart, the potential support level for DOGE could be around $0.1617. However, it’s crucial to keep an eye on the daily closing price in relation to this point.
If the market closes below the resistance level on a daily basis despite being some distance away, there’s a possibility of a rebound occurring towards that resistance.
In the day-to-day chart perspective, the price currently resides inside yesterday’s price range. This indicates a lack of clear control between buyers and sellers, with neither side holding significant advantage. A potential price increase could occur if the $0.1650 resistance level is breached.
As an analyst, I’d assess that from a midterm perspective, DOGE‘s price trend resembles a mirror image of where we stand currently. The coin’s rate is still a considerable distance from significant resistance levels. Furthermore, the trading volume has been on the decline, which indicates that potential buyers are not yet prepared to purchase DOGE at its present prices. Consequently, it seems reasonable to anticipate further consolidation in the price range of around $0.15 to $0.17.
DOGE is trading at $0.1620 at press time.
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2024-06-06 17:07