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Bears remain more powerful on the market, however, there are some exceptions to the rule. Mainly, the price of DOGE has rocketed by 26%.
DOGE/USD
The rate of DOGE has increased by almost 30% over the last 24 hours.
On the hourly chart, the price is trading in the middle of a wide channel, between the support at $0.09219 and the resistance at $0.1050. There are low chances of seeing any sharp moves by the end of the day, as DOGE has passed most of its ATR. In this case, sideways trading in the area around $0.10 is the more likely scenario.
On the bigger time frame, the rate of DOGE has once again made a false breakout of the resistance at $0.09980. It shows the buyers' weakness and possible correction. If the situation does not change until the end of the day, traders can think about a drop to the $0.095 zone shortly.
On the daily chart against Bitcoin (BTC), the price of DOGE has begun a sharp rise after the breakout of the resistance at 0.0000305. Even though the coin has entered the midterm bullish trend, it might need more time to accumulate energy for further growth. In this regard, sideways trading in the area of 0.0000320-0.0000350 is the more likely scenario.
DOGE is trading at $0.09830 at press time.
Alex Dovbnya
Godfrey Benjamin
Dan Burgin