Even though the day has started positively for the cryptocurrency market, bears have seized the initiative.
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DOGE/USD
The price of DOGE has increased by 0.76% over the last 24 hours.
Image by TradingView
The sharp growth of DOGE was stopped when the rate reached a local resistance level at $0.06698. If the price comes back to the support and closes around the mark of $0.06277, sellers can seize the initiative that can lead to the test of the $0.060 zone shortly.
Image by TradingView
Form the midterm point of view, today's sharp move of DOGE has not affected its technical position on the daily chart. if bulls want to get back in the game, they need to restore the rate to at least the $0.07 zone.
If that happens, there is a possibility to see a test of the resistance of $0.07547 until mid-July.
Image by TradingView
From the midterm point of view, the previous candle low at $0.06074 plays a key role in terms of further moves. If a closure happens below that mark, the accumulated energy should be enough for a downward move to the $0.055 area.
DOGE is trading at $0.064 at press time.