The price of Dogecoin (DOGE) continues to decline, down 2.67% over the last 24 hours. This article presents an analysis of the current market situation and predictions for future behavior of the cryptocurrency.
Brief Overview of DOGE Price Changes
Currently, DOGE is trading at $0.1712. Over the past day, the price of the currency has shown a decrease, indicating bearish trends in the market.
Current Support and Resistance Levels
The price of DOGE is within the channel, between the support level of $0.1685 and the resistance level of $0.1765. On the hourly chart, it can be observed that most of the daily volatility has passed, and the chances of an increase in volatility in the coming days are low.
Future Prospects for DOGE
On longer time frames, the situation appears bearish as the price is near the support level of $0.1680. If this level is broken, accumulated energy might lead to a decrease to the $0.16-$0.1650 range. Additionally, if buyers do not take initiative, a test of the $0.16 mark may occur soon.
Further analysis of the current situation indicates that the market remains unstable, and if key support levels are broken, further declines in the DOGE price are possible.
