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The market has quickly changed to green, according to CoinMarketCap.
DOGE/USD
DOGE is one of the biggest gainers today, rising by 4.87%.
On the hourly chart, the rate of DOGE is in the middle of the local channel, between the support of $0.2163 and the resistance of $0.2232. As none of the sides is dominating, there are low chances of seeing sharp moves by tomorrow.
On the longer time frame, the situation is bearish. The price of the meme coin is closer to the support than to the resistance level.
If bears' pressure continues and the breakout of the bottom level happens, one can expect a test of the $0.19-$0.20 range by the end of the week.
From the midterm point of view, the picture is neutral as the rate of DOGE is far from main levels. In this case, traders should pay attention to the interim zone of $0.20. If the bar closes below it, the accumulated energy might be enough for a move to the $0.16 mark.
DOGE is trading at $0.2202 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team