As an experienced market analyst, I see the current sideways trading of the market according to CoinMarketCap and the 4% decline in DOGE‘s price over the last day as a potential opportunity for strategic entry or exit points. The resistance level of $0.1371 on the hourly chart is an important technical indicator, which, if broken, could lead to further upward movement towards $0.14. However, I would caution that this bullish outlook is dependent on the ability of DOGE to surmount this resistance level in the coming hours.
The market is trading sideways at the beginning of the weekend, according to CoinMarketCap.
DOGE/USD
The price of DOGE has declined by 4% over the last day.
On the hourly chart, Dogecoin’s price hovers close to the nearby resistance of $0.1371. A breach above this level could trigger further gains towards $0.14 in the coming hours.
As a market analyst, I would note that on a larger timeframe, neither the bulls nor the bears have managed to establish clear control over the market’s direction. However, from a current perspective, it is important for investors to keep an eye on the $0.13 zone.
If it breaks out happens, the correction may lead to the test of the $0.1225 support.
Looking at the mid-term perspective, sellers hold the upper hand over buyers. Should the weekly closing price stay near the current level, investors could encounter a retest of the $0.12 mark.
DOGE is trading at $0.1367 at press time.
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2024-06-15 18:26