As a seasoned crypto investor with a knack for navigating market trends and a portfolio that spans across various digital assets, I’ve seen my fair share of ups and downs. Today’s dip in DOGE‘s price is a reminder that even the most resilient coins can take a hit.
On the final day of the week, it appears that bears (those representing a market decline) have proven stronger than bulls (symbolizing a market rise), as indicated by CoinMarketCap.
DOGE/USD
The rate of DOGE has declined by 11.78% since yesterday. Over the last week, the price has risen by 13.58%.
On an hourly basis, Dogecoin’s price continues to trend downwards, hovering close to its local support at approximately $0.3951. If today’s daily bar finishes around $0.40 or lower, a potential breakout at that level could occur, leading to a possible drop towards the $0.39 region.
On the bigger time frame, the rate of DOGE has once again bounced off the resistance of $0.4385.
If the downward trend persists till the close of today, traders might encounter a potential price test within the $0.36 to $0.38 range by the following week.
Looking at the midterm perspective, it’s crucial to keep an eye on the closing of weekly candles in relation to the resistance level at $0.4385. If this level is significantly exceeded, traders may take control, potentially causing a decline towards the $0.35 mark.
DOGE is trading at $0.4092 at press time.
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2024-11-24 18:20