As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market fluctuations, both bullish and bearish. Today, looking at the DOGE/USD pair, it seems we are facing another bearish trend.
Buyers could not seize the initiative on the last day of the week, according to CoinMarketCap.
DOGE/USD
As a researcher studying cryptocurrency trends, I’ve noticed a decrease in the value of Dogecoin (DOGE) over the past day and week. Specifically, there’s been a 5.04% drop since yesterday, and over the last seven days, its price has fallen by 17.93%. These findings underscore the volatile nature of this digital asset market.
On an hourly basis, the Dogecoin (DOGE) price seems to be following a downtrend. If current trends persist until the end of today, there’s a possibility that traders could see a potential dip towards the $0.1050 level by tomorrow.
On the day-to-day chart, there seems to be a bearish trend. If today’s candle ends beneath the $0.1047 mark, the accumulated strength could potentially push prices down to the crucial zone around $0.10.
Such a scenario is relevant until the end of next week.
Looking from a midpoint perspective, we haven’t seen any indications for a reversal just yet. Should a recovery fail to occur, it’s likely that the price could continue dropping towards the $0.09 – $0.10 range with a high probability.
DOGE is trading at $0.1059 at press time.
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2024-08-04 20:20