Dogecoin (DOGE) Price Drops by Almost 5% in 24 Hours
The rate of DOGE has declined by almost 5% over the last 24 hours, according to recent data. On the hourly chart, the price of DOGE is currently positioned between the support level of $0.08234 and the resistance level of $0.08470. However, due to a significant portion of the daily Average True Range (ATR) already being passed, the chances of any major fluctuations today are low.
Moving to the bigger time frame, the situation appears more bearish. Traders should closely monitor the candle’s closure in relation to yesterday’s bar’s low. If the closure happens near or below this level, it is likely that a correction will occur towards the $0.080 area.
Analyzing the weekly chart, it can be observed that the rate of DOGE experienced a false breakout of the $0.09058 resistance level. With the current bar indicating a potential test of the $0.078-$0.080 zone by the end of the month if it closes around the current prices.
At press time, DOGE is trading at $0.08316.
Analyst comment
Negative news. Analyst prediction: The market for Dogecoin is expected to continue its decline in the short term, with a potential correction towards the $0.080 area.
