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DOGE Price Analysis for May 27

Sat, 05/27/2023 - 17:45
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Denys Serhiichuk
How long will current growth of DOGE last?
DOGE Price Analysis for May 27
Cover image via www.tradingview.com

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The weekend has started with a slight bull dominance, according to CoinMarketCap's ranking.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

DOGE/USD

The price of DOGE has increased by 0.73% over the last 24 hours.

DOGE/USD chart by Trading View

Image by TradingView

On the hourly chart, the rate of DOGE is consolidating in the middle of the local channel after a false breakout of the support at $0.07082.

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If buyers can hold the gained initiative and the candle closes near the mark of $0.07160, the growth may continue to the resistance at $0.07188 tomorrow.

DOGE/USD chart by Trading View

Image by TradingView

On the bigger time frame, today's rise has not affected the general position of DOGE. The falling volume confirms this fact. In this case, ongoing sideways trading in the narrow range of $0.071-$0.073 is the more likely scenario for next week.

DOGE/USD chart by Trading View

Image by TradingView

On the weekly chart, the price of DOGE is more bearish than bullish as the rate is far form the key levels. Currently, traders should focus on the $0.07 zone. Bar closure below it might be a prerequisite for a sharp drop below the support at $0.06581.

DOGE is trading at $0.07142 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.