Dogecoin (DOGE) is one of the most popular cryptocurrencies in the world, with a market capitalization of over $10 billion. Despite its popularity, the price of DOGE has been struggling in recent weeks, and the bears are not ready to give up the initiative so easily. According to CoinMarketCap, DOGE has dropped by 0.47% over the past 24 hours.
Looking at the technical analysis of DOGE/USD, it appears that the price is about to break the local support at $0.08317. If that happens, the decline may lead to the test of the $0.082 area by the end of the day or tomorrow. On the daily chart, the rate of DOGE has made a false breakout of the $0.085 mark. If buyers lose the $0.08 mark, there is a chance to see the test of the support level at $0.07878 shortly.
On the weekly time frame, DOGE is neither bullish nor bearish as the price is located far from key levels. However, if the rate remains below the $0.09 mark for a long time, traders may see a further downward move to the support at $0.06997 by the end of the month.
At the time of writing, Dogecoin is trading at $0.0830. It is important to note that the price of DOGE is highly volatile and unpredictable, and it is essential for investors to do their own research before investing in the cryptocurrency.
In order to make an informed decision about investing in DOGE, investors should take into account the latest news and developments in the cryptocurrency market. They should also keep an eye on the technical indicators, such as the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and the Bollinger Bands. Additionally, investors should be aware of the risks associated with investing in cryptocurrencies and should only invest what they can afford to lose.
Overall, Dogecoin is a popular cryptocurrency with a lot of potential. Despite its recent struggles, the price of DOGE could still recover and reach new highs. However, investors should be aware of the risks associated with investing in cryptocurrencies and should do their own research before investing. By taking into account the latest news, developments, and technical indicators, investors can make an informed decision about investing in DOGE.
