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Has the rate of DOGE accumulated enough strength for a drop to the $0.080 zone?
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The market does not seem ready to rise from its current levels, according to CoinStats.
DOGE/USD
The rate of DOGE has declined by 3.37% over the past day.
On the hourly chart, the price of DOGE is near the local support at $0.08940. If the bounce off does not happen until the end of the day, traders may witness a breakout, followed by a further drop to the $0.089 range.
On the longer time frame, there are also no reversal signals yet. The volume remains low, which means buyers are not ready yet to seize the initiative.
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All in all, there is a high chance of seeing a test of the support level at $0.08675 shortly.
From the midterm point of view, the rate of DOGE is breaking the $0.095 support. If the weekly bar fixes below that mark, the decline may continue to the $0.080 zone for the rest of the month.
DOGE is trading at $0.09040 at press time.
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