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Bulls have failed to seize the initiative for a while, and most of the coins are back to the green zone, according to CoinMarketCap.
DOGE/USD
The rate of DOGE has dropped by 3.9% over the last day.
On the hourly chart, the price of DOGE is going down after a false breakout of the local resistance of $0.20. If the decline continues, one can expect a test of the support level by tomorrow.
On the longer time frame, the situation is less clear as the rate of the meme coin is far from main levels. In this case, one should pay attention to the nearest zone of $0.18.
If its breakout occurs, there is a high chance to see an ongoing drop to the $0.16 zone.
From the midterm point of view, the picture is similar. If buyers fail to fix above the $0.20 area, traders may witness a further decline to the $0.15-$0.16 range by the end of the month.
DOGE is trading at $0.1968 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team