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Sideways trading continues on the cryptocurrency market as neither bulls nor bears have seized the initiative yet.
Top coins by CoinMarketCap
DOGE/USD
The rate of DOGE has risen by 1% over the last 24 hours.
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.
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.
Denys SerhiichukAs 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.
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.
Alex Dovbnya
Vladislav Sopov
Dan Burgin