Following an optimistic kick-off, the cryptocurrency market landscape has observed a shift in momentum as bears have taken over.
Overview of Top Cryptocurrencies
A summary of top cryptocurrencies by CoinMarketCap displays current market dynamics. The trend of prices, both in growth and decline, can offer some insights into the condition of the market as a whole.
| Cryptocurrency | Market Rank | Price Change in Last 24hrs |
|---|---|---|
| DOGE/USD | #xxx | +0.76% |
Image by CoinMarketCap
Analysing the DOGE/USD Trend
In the last 24 hours, DOGE (Dogecoin) has seen a price augmentation of 0.76%. The sharp escalation of the DOGE price was halted when it hit the local resistance level at $0.06698.
Image by TradingView
Subsequent moves depend on:
- Price retraction to the support level
- Closure around the $0.06277 mark
If these conditions are met, it would signal the emergence of sellers, potentially culminating in a retraction towards the $0.060 zone.
Image by TradingView
Midterm Prediction for DOGE
A midterm outlook insists that the sudden surge of DOGE has failed to tamper with its technical position on the daily chart. For bulls to regain any semblance of control, the DOGE rate needs to recover to at least the $0.07 mark.
Should this occur, a test of the $0.07547 resistance could be witnessed by mid-July.
Image by TradingView
However, it is crucial to not discount the impact of the previous candle low at $0.06074. If a closure occurs beneath this level, the built-up energy could prompt a decline towards the $0.055 zone.
DOGE Current Status
- The current trading value of DOGE is approximately $0.064.