Following a significant rise in the DOGE price, the cryptocurrency shows signs of slowing down. Let's examine the technical analysis details and potential movement directions.
Sharp Rise in DOGE Price
The DOGE rate has risen by 25.6% since the previous day. Despite today's sharp rise, the sustainability of such dynamics is in question.
Technical Analysis on the Hourly Chart
On the hourly chart, DOGE looks bearish after a recovery. Following a false breakout of the resistance at $0.3487, the rate is declining. In this situation, testing of the support level might be expected by tomorrow.
Midterm Prospects
On the larger time frame, the bar is closing with a long wick, which is a bearish signal. If the situation does not change by the end of the day, testing of the $0.28-$0.30 area is expected soon. From a midterm standpoint, traders should pay attention to candle closure in terms of the $0.2724 level to assess the possibility of postponing further decline.
DOGE is trading at $0.3252. Technical signs indicate possible correction, and future developments might determine the price movement direction.
