Bears are controlling the initiative on the crypto market today, according to CoinStats.
DOGE/USD
The price of DOGE has fallen by 2.49% since yesterday.
On the hourly chart, the rate of DOGE has bounced off the local support of $0.1267.
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However, if buyers cannot seize the initiative and the daily bar closes near that mark, traders may witness a further correction to the $0.12550 zone tomorrow.
On the longer time frame, the price of DOGE is going down after yesterday’s bearish closure. If the situation does not change by the end of the day, the drop is likely to continue to the support at $0.1199. Such a scenario is relevant until the end of the week.
From the midterm point of view, buyers are not ready yet to seize the initiative. The volume keeps going down, confirming the absence of bulls’ strength. All in all, the ongoing downward move to the $0.10 zone is the most likely scenario.
DOGE is trading at $0.1281 at press time.