The bearish trend might have come back to the cryptocurrency market, according to the CoinMarketCap ranking.
The rate of DOGE has declined by 1.71% over the last 24 hours.
Despite today’s decline, the price of DOGE might have found the local support level at $0.07212. However, it is too early to think about the trend reversal as not enough energy has been accumulated yet. In this case, the more likely scenario is accumulation around the $0.073 area.
On the daily time frame, the rate has also bounced off the support, which means that there are chances to see a slight correction. If the candle closes far from the support, one can expect growth to the $0.074 area within the next few days.
A similar situation can be seen on the weekly chart as the price has made a false breakout of the support. However, the volume keeps going down, which means that buyers are not ready yet to buy at the current levels.
Likewise, sideways trading in the area of $0.073-$0.075 is the more likely scenario until the end of the month.
DOGE is trading at $0.07325 at press time.