Buyers Hesitant in the Current Market

According to CoinStats, buyers are not ready yet to seize the initiative.

DOGE/USD

The rate of DOGE has dropped by 12% since yesterday.

On the hourly chart, the price of DOGE made a false breakout of the local support level at $0.1878. However, if a bounce back does not occur by the end of the day, traders may see a test of the $0.1850 area soon.

On the bigger time frame, there are currently no reversal signals. If the correction continues to the nearest support level, there’s a possibility of a breakout followed by a further decline to $0.16.

From a midterm perspective, DOGE is trending towards the $0.1750 level. If buyers cannot seize the initiative, a test of the $0.15 range could be imminent.

DOGE is trading at $0.1896 at present.