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The cryptocurrency market remains more bearish than bullish, according to the CoinMarketCap ranking.
Top coins by CoinMarketCap
DOGE/USD
The rate of DOGE has fallen by 0.62% over the last 24 hours.
Image by TradingView
Despite today's fall, the rate of DOGE keeps looking bearish on the local chart. If the daily candle closes below the $0.07350 mark, the accumulated energy can be enough for a support breakout, followed by a sharp drop to the $0.07250 zone.
Image by TradingView
On the bigger time frame, the situation is neither bullish nor bearish as the price keeps trading sideways. In addition, the falling volume confirms that statement.
All in all, ongoing consolidation in the narrow range of $0.072-$0.075 is the more likely scenario until the end of the month.
Image by TradingView
From the midterm point of view, the rate of DOGE remains under sellers' pressure as the rate has bounced off the $0.075 area. Respectively, an ongoing correction to the support at $0.06581 may happen within the next few weeks.
DOGE is trading at $0.07324 at press time.
Vladislav Sopov