Bears have seized the initiative on the market, according to CoinMarketCap.
DOGE/USD
DOGE is one of the biggest losers today, falling by almost 12% since yesterday.
On the hourly chart, the rate of DOGE has made a false breakout of the local support of $0.3404.
If the market price at closing today significantly deviates from the $0.3547 mark, it’s likely we’ll see a challenge to the resistance level of $0.3547 tomorrow.
Over a longer period, it’s crucial to focus on the area around 0.3359 (approximate value). Should this region experience a breakout, there could potentially be enough built-up momentum for a quick drop towards the 0.32 zone.
Looking at the midterm perspective, the growth momentum seen following the previous bullish candle hasn’t been sustained. Should this trend persist until the end of the day, there could be a potential retest of the $0.30 price range in the near future.
DOGE is trading at $0.3481 at press time.
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2025-01-08 13:52