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The market is facing a slight correction at the beginning of the week, according to CoinMarketCap.
DOGE/USD
The price of DOGE has declined by 1.49% over the last 24 hours.
On the hourly chart, the rate of DOGE might have found a local support level of $0.1617. Now, one needs to pay attention to the daily closure in terms of this mark.
Denys SerhiichukIf the daily closure happens far from that mark, there is a chance to see a bounce back to the resistance.
On the daily time frame, the price is trading within yesterday's bar, which means neither buyers nor sellers are dominating. An upward move may happen only if the breakout of the interim level of $0.1650 takes place.
From the midterm point of view, the picture is similar as the rate of DOGE is far from the key levels. In addition, the volume is falling, which means buyers are not ready yet to buy the coin at current prices. All in all, ongoing consolidation in the zone of $0.15-$0.17 is the more likely scenario.
DOGE is trading at $0.1620 at press time.
Arman Shirinyan
Alex Dovbnya
Yuri Molchan
