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DOGE Price Analysis for July 16

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Sun, 16/07/2023 - 18:00
DOGE Price Analysis for July 16
Cover image via www.tradingview.com

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Most cryptocurrencies are facing a correction, according to CoinMarketCap's ranking.

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Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

DOGE/USD

The rate of DOGE has fallen by 2% over the last 24 hours.

DOGE/USD chart by Trading View

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.

DOGE/USD chart by Trading View

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.

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However, if the rate fixes below the $0.07 area, sellers may be back in the game.

DOGE/USD chart by Trading View

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.

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