As a seasoned researcher with extensive experience in the cryptocurrency market, I have observed countless price fluctuations and trends over the years. Based on my analysis of the current market situation, I see that most coins are holding their ground, but there are some notable exceptions, such as Dogecoin (DOGE).
The majority of coins are attempting to maintain their new momentum, but CoinMarketCap notes that there are some coins defying this trend.
DOGE/USD
The price of DOGE has increased by 3.69% over the last 24 hours.
As a DOGE investor, I observe that on the hourly chart, the price of DOGE is currently situated in the heart of a tight range or channel. This channel is defined by a supportive floor at $0.1245 and a resistance barrier at $0.1276.
If the daily bar price reaches approximately $0.1270 despite the buyers taking charge, there is a strong possibility that this momentum will lead to a breakout and subsequent advance toward the $0.13 region.
Regarding the longer-term perspective, it’s essential to keep an eye on the significant support level at around $0.1286. Should the price remain below this mark, there is still a possibility for a correction. Conversely, if the price surpasses this threshold and conclusively closes above it, traders might observe an uptrend towards $0.1350.
Looking at the mid-term perspective, the DOGE price is currently hovering close to its resistance level of $0.1275. Should conditions remain unaltered by the weekend, we could expect a potential surge towards $0.14 in the upcoming week.
DOGE is trading at $0.1254 at press time.
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2024-07-17 18:51