The cryptocurrency market is witnessing a recovery, with most coins returning to the green zone, including Dogecoin (DOGE), which has shown significant growth over the past day.
Market Trends
According to CoinStats, the majority of cryptocurrencies have started to rise. This may indicate positive changes in investor and trader sentiment.
DOGE Price Analysis
The price of DOGE has increased by 6.87% over the last 24 hours. On the hourly chart, there is a false breakout of the local resistance at $0.1668. If the daily candle closes near the support level, a breakout is likely, leading to a test of the $0.16 range.
Future Projections for DOGE
On a longer time frame, attention should be paid to the candle's closure around the $0.1652 level. If this level is broken, traders may witness further movement upward toward the $0.17 zone. From a mid-term perspective, DOGE is within the previous candle range, suggesting sideways trading in the $0.16-$0.18 area.
At press time, DOGE is trading at $0.1638, with future movements dependent on breakouts of key resistance and support levels.
