At the start of the weekend, the cryptocurrency market experiences growth, especially regarding DOGE, which has shown a significant value increase.
Analysis of Current DOGE Situation
Currently, DOGE continues to rise, increasing by 7.05%. On the hourly chart, the cryptocurrency has made a false breakout of local resistance at $0.2383. If the candle closes far from this mark, a correction to the $0.23 area is likely.
Price Forecast for DOGE
On larger time frames, bulls continue to control the situation in the market. In this case, the key will be the candle closing in line with the resistance at $0.2466. If a breakout occurs, the accumulated energy might be sufficient for continued upward movement to the $0.25-$0.26 zone.
Long-term Prospects for DOGE
From a midterm perspective, the price of DOGE is in the middle of a wide channel between the support at $0.1411 and the resistance at $0.2867. Since neither side has seized the initiative, continued sideways trading in the range of $0.22-$0.25 is the more likely scenario.
Currently, DOGE is trading at $0.2364. Future price movements will depend on the cryptocurrency's ability to surpass key resistance levels.
