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Most of the coins might not ready for a further upward move, according to CoinStats.
DOGE/USD
The rate of DOGE has declined by 4.47% over the last 24 hours.
On the hourly chart, the price of DOGE is rising after a local resistance breakout. The volume has increased, which means bulls are ready to return the rate of the meme coin to previous levels.
If the situation does not change, the ongoing upward move to the $0.1350 range is the most likely scenario.
On the longer time frame, the picture is more bearish. The price keeps trading not far from the formed support of $0.1266. If the daily bar closes around that mark, traders may witness a more profound drop to the $0.12 area.
From the midterm point of view, an ongoing decline remains the more likely scenario. As the price of DOGE is far from the main levels, one should focus on the candle's closure in terms of the low and high of the bar. If it happens around $0.1250, the decline may continue to the $0.12 range.
DOGE is trading at $0.1317 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team