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DOGE Price Analysis for May 19

Fri, 05/19/2023 - 15:15
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Denys Serhiichuk
Is DOGE ready for short-term rise?
DOGE Price Analysis for May 19
Cover image via www.tradingview.com

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The cryptocurrency market remains more bearish than bullish, according to the CoinMarketCap ranking.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

DOGE/USD

The rate of DOGE has fallen by 0.62% over the last 24 hours.

DOGE/USD chart by Trading View

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.

DOGE/USD chart by Trading View

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.

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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.

DOGE/USD chart by Trading View

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.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.