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Most cryptocurrencies are facing a correction, according to CoinMarketCap's ranking.
Top coins by CoinMarketCap
DOGE/USD
The rate of DOGE has fallen by 2% over the last 24 hours.
Image by TradingView
On the hourly chart, the rate of DOGE is trading in the middle of the local channel, getting energy for a further move. One can only expect an upward move if the price returns to the mark of $0.07150 and fixes around it or even above.
Image by TradingView
On the daily time frame, ongoing sideways trading is the more likely scenario for the next days as neither bulls nor bears have accumulated enough energy to seize the initiative.
However, if the rate fixes below the $0.07 area, sellers may be back in the game.
Image by TradingView
A more positive picture may be on the weekly chart if the candle closes above the previous bar peak at $0.07186. If that happens, one can expect a resistance breakout followed by a move to the $0.08 area.
DOGE is trading at $0.071 at press time.
Alex Dovbnya
