Sellers are continuing to exert pressure on the crypto market at the start of the weekend, as evidenced by data from CoinMarketCap.
The current focus is on DOGE/USD, a popular cryptocurrency that has experienced a significant drop of 8.21% in value today. Despite this decline, the bearish trend for DOGE persists, with the price hovering near the local support level of $0.1475. If a breakout occurs, we may see a further correction towards the $0.1450 zone in the near future.
Analyzing the larger time frame, there are no clear signals of a reversal yet. If the downward trend witnessed yesterday persists, traders should prepare for a potential test of the $0.1350-$0.14 zone in the coming days.
Looking ahead from a midterm perspective, sellers are still in control of the market. If buyers fail to maintain the interim support level of $0.14, there could be sufficient momentum for a continued correction towards the nearest support level at $0.1225.
As of now, DOGE is trading at $0.1474. Stay tuned for further updates on this cryptocurrency’s performance in the market.
