The week is coming to a positive close for most coins, as reported by CoinStats.
DOGE/USD:
DOGE has seen a 3.76% increase in price since yesterday.
Analyzing the hourly chart, DOGE is currently hovering near the local support level of $0.1583. If the daily bar closes around this mark, it could signal a potential drop towards the $0.1550 zone.
Zooming out to the larger time frame, the price experienced a false breakout of yesterday’s peak. Failure by the bulls to take control and a candle closing significantly below $0.1650 could invite bears back into the market, potentially driving the price down to $0.15.
Looking at the midterm perspective, neither buyers nor sellers have a clear upper hand as the weekly bar is set to close away from extreme levels. Although the volume is declining, suggesting a period of consolidation between $0.15 to $0.17 in the upcoming days.
As of now, DOGE is trading at $0.1599.
Overall, while the short-term outlook may be uncertain, the expected range-bound trading between $0.15-$0.17 provides traders with a potential setup to navigate the DOGE market in the coming days.
