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DOGE Price Analysis for May 23

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Tue, 23/05/2023 - 16:40
DOGE Price Analysis for May 23
Cover image via www.tradingview.com

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Buyers are trying to hold the gained initiative, according to the CoinMarketCap ranking.

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DOGE/USD

The rate of DOGE is unchanged over the last 24 hours.

DOGE/USD chart byTradingView

Image by TradingView

On the hourly time frame, the rate of DOGE might have found the local support level. If the daily candle closes far from the $0.07255 mark, there is a chance of seeing a slight growth to the resistance at $0.07396. Such a scenario is relevant until tomorrow.

DOGE/USD chart byTradingView

Image by TradingView

On the bigger chart, the situation is neutral as none of the sides is dominating at the moment. In this case, traders are likely to see ongoing consolidation in the narrow range of $0.072-$0.72 until the end of the current week.

DOGE/USD chart byTradingView

Image by TradingView

A similar picture can be seen on the weekly time frame from the technical point of view. Neither bulls nor bears have accumulated enough energy to seize the initiative. The falling volume confirms that fact. All in all, sideways trading in the area of $0.07-$0.08 is the more likely scenario until mid-June.

DOGE is trading at $0.0729 at press time.

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