As a seasoned analyst with over a decade of experience in the crypto market, I’ve seen my fair share of bear and bull runs. Today, looking at the DOGE/USD chart, I see a bear that’s been fed well lately.
Bears are more powerful than yesterday, according to CoinMarketCap.
DOGE/USD
The price of DOGE has declined by 5% over the last day.
On the hourly chart, the rate of DOGE keeps looking bearish as the price remains near the local support of $0.3139.
If things remain unchanged till the end of today, there’s a good chance we might see a breakout leading to a potential drop towards the $0.31 region for further correction.
Over a prolonged period, the value of the meme coin has been steadily decreasing following a misleading surge past the resistance level of $0.3405. If the candle closes close to its lowest point, there’s a possibility that the decline will continue towards the $0.30 price range.
As a researcher, I’m observing that from my current vantage point, the rate appears to be significantly away from its key benchmarks. Furthermore, the trading volume seems to have dwindled, suggesting a period of relatively stable market movements in the near future, with pronounced upswings or downturns unlikely among traders at this time.
DOGE is trading at $0.3147 at press time.
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2024-12-26 17:19