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Neither buyers nor sellers are dominating on the first day of the week, according to the CoinMarketCap ranking.
The price of DOGE has risen by 0.84% over the last 24 hours.
Despite a slight rise, the price of DOGE is on the way to the local support on the hourly chart. If the daily candle closes near the $0.08250 mark, the accumulated energy might be enough for a channel breakout, followed by a blast to the $0.08150 zone.
Bears are also more powerful on the daily chart, as buyers could not keep the growth going after yesterday’s bullish bar. At the moment, one should pay attention to the interim mark of $0.084. If closure above it does not happen, sellers can keep the pressure in the $0.080 zone.
On the weekly chart, the price of DOGE is trading sideways as the rate is in the middle of the channel, accumulating energy for a further move. There are low chances to see growth this week, as the volume keeps falling.
All in all, continued consolidation in the range of $0.08-$0.09 is the more likely scenario until the end of the month.
DOGE is trading at $0.08287 at press time.
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 email@example.com.
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Disclaimer: The opinions expressed here are not investment advice; they are provided for informational purposes only. The opinions expressed by our writers are their own and do not represent the views of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. We do not recommend investing money you cannot afford to lose.