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DOGE Price Analysis for June 1

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Thu, 1/06/2023 - 16:45
DOGE Price Analysis for June 1
Cover image via www.tradingview.com

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Sideways trading continues on the cryptocurrency market as neither bulls nor bears have seized the initiative yet.

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Top coins by CoinMarketCap

Top coins by CoinMarketCap

DOGE/USD

The rate of DOGE has risen by 1% over the last 24 hours.

DOGE/USD chart by Trading View

Image by TradingView

On the hourly chart, bulls are trying to hold the initiative as the rate is trading near the local resistance at $0.07918. If they can manage to do that, the breakout may lead to the test of the $0.07260 zone shortly.

DOGE/USD chart by Trading View

Image by TradingView

On the bigger time frame, the rate of DOGE is trading sideways as the rate is located in the middle of a wide channel.

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As none of the sides has seized the initiative yet, ongoing consolidation in the area of $0.072 is the more likely scenario for the next few days.

DOGE/USD chart by Trading View

Image by TradingView

A more bearish situation can be seen on the weekly chart, as the rate has not bounced off far from it. If bears' pressure continues and the candle closes below the $0.07 mark, there is a good possibility of seeing a test of the support at $0.06581 until mid-June.

DOGE is trading at $0.07166 at press time.

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