As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I’ve seen my fair share of market swings and trends. Today, while analyzing the DOGE/USD pair, I can’t help but feel a sense of deja vu. The hourly chart shows a promising rise, reminiscent of the rollercoaster rides we often encounter in this space. However, the daily frame paints a more cautious picture, suggesting that the bulls may have bitten off more than they can chew this time around.
Buyers are trying to get back in the game, according to CoinMarketCap.
DOGE/USD
The rate of DOGE has increased by almost 2% over the past 24 hours.
On the one-hour graph, the Dogecoin price appears to have falsely breached its immediate support of around $0.1037. Should the upward trend persist, it’s possible we might reach a test at approximately $0.1090 by the end of tomorrow.
Today’s market outlook appears more pessimistic. The upward trend from yesterday’s bullish close hasn’t been sustained by buyers. If current trends continue, sellers might regain control, potentially causing another dip towards the $0.10 price range in the near future.
Looking at the midpoint, the Dogecoin (DOGE) rate is quite a distance from its key points. Currently, it’s important to focus on the immediate area around $0.11.
If it breaks out, the energy might be enough for a move to the $0.12 mark.
DOGE is trading at $0.1045 at press time.
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2024-08-13 18:18