As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market fluctuations and trends. The current state of the DOGE/USD pair doesn’t exactly fill me with excitement, but it’s not all doom and gloom either.
Bulls seem unwilling to give up so easily, according to CoinMarketCap.
DOGE/USD
The rate of DOGE has risen by 0.33% over the last 24 hours.
The hourly chart indicates that Dogecoin’s price is currently situated near the midpoint of its local price range. It hovers around the mean between the support level of $0.1474 and the resistance level of $0.1517.
From my perspective as a crypto investor, it seems that the majority of the daily price range, or average true range (ATR), has already been surpassed. Consequently, I believe we’ll see sideways trading around $0.15 for the remainder of today, before making significant moves in either direction tomorrow.
On the daily chart, a comparable scenario unfolds with the price action noticeably distant from major support and resistance levels. Consequently, neither buyers nor sellers have gained clear control. In such circumstances, it’s reasonable to anticipate that the market will consolidate within the range of $0.1480 to $0.1540 before the week concludes.
Looking from a mid-term perspective, the price of DOGE has been descending since its unsuccessful effort to rise above the $0.16 mark. If this trend persists until the end of the week, it’s probable that the downward movement will continue towards the support level of $0.1260.
DOGE is trading at $0.1505 at press time.
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2024-04-26 19:45