As a seasoned analyst with over two decades of market observation under my belt, I’ve seen bulls and bears come and go, each leaving their unique footprints on the sands of time. Today, the market seems to be in a state of limbo, neither bulls nor bears holding sway, as per CoinMarketCap.
Neither bulls nor bears are dominating today on the market, according to CoinMarketCap.
DOGE/USD
The price of DOGE has fallen by 1.32% over the last 24 hours.
In spite of a drop in value today, Dogecoin’s rate is currently close to its local resistance point. If purchasers maintain control over the current momentum and the session concludes around $0.1275, an upward trend towards the $0.13 region seems probable.
Over a longer period, the outlook appears less optimistic. The value of the meme token hasn’t built up enough momentum to either rise or decline significantly. This stagnation is further supported by the decrease in trading activity, as indicated by the falling volume.
In this case, ongoing sideways trading in the zone of $0.12-$0.13 is the more likely scenario.
Looking at the midpoint, keep an eye on the closing price of the weekly chart, particularly if it approaches the temporary level of $0.12. If it reaches close to this level or falls below, there’s a possibility that the correction could extend towards the $0.11 region.
DOGE is trading at $0.1264 at press time.
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2024-07-31 18:52