As a seasoned researcher with years of experience in the cryptocurrency market, I have seen it all – from meteoric rises to crushing falls, and everything in between. Today, as I look at the Dogecoin (DOGE) chart, I can’t help but feel a sense of familiarity.
The market keeps growing today, according to CoinMarketCap.
DOGE/USD
The rate of DOGE has risen by 2.63% over the last 24 hours.
Looking at the hourly chart, Dogecoin’s price appears to be trending towards its immediate resistance level at approximately $0.4073. If today’s daily bar ends near or above this point, it suggests that the upward momentum could persist, potentially taking the price up to around $0.41 by tomorrow.
Looking at a larger perspective, the outlook isn’t as optimistic. The price of the meme coin currently stands quite distant from its support and resistance levels. A potential upward trend could materialize if the bulls manage to push the price back towards the $0.4230 mark.
Before it happens, sideways trading in the range of $0.3950-$0.4150 is the more likely scenario.
Looking at the midpoint of the situation, neither side seems to have a clear advantage. This observation aligns with the decreasing trading activity as well. In summary, traders might not anticipate significant market fluctuations before the end of this week.
DOGE is trading at $0.4061 at press time.
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2024-12-17 16:17