The cryptocurrency market has kicked off the weekend with a notable correction, impacting various digital assets. Amidst this broader downturn, specific attention has been drawn to Dogecoin (DOGE), which has experienced a significant dip, prompting a closer look at its immediate and future price trajectory.
DOGE's Immediate Performance and Short-Term Stability
Over the past 24 hours, Dogecoin's value has fallen by 3.35%, aligning with the general market sentiment. Despite this decline, the hourly chart reveals a period of relative stability for DOGE. The price is currently trading within a narrow local channel, bounded by a support level of $0.1383 and resistance at $0.1403. With neither buyers nor sellers exerting dominant pressure, analysts anticipate minimal sharp price movements in the very short term. DOGE is currently positioned at $0.1395.
Bearish Outlook and Potential Price Targets
Looking beyond the immediate hourly view, the outlook for Dogecoin appears more bearish across larger time frames. The meme coin's price is observed closer to its support levels than resistance, indicating potential for further downward movement. Should selling pressure persist, a test of the $0.1332 level is projected by the end of the current week. Furthermore, from a midterm perspective, if the weekly candle concludes near its lowest point, the momentum could be sufficient to drive DOGE into a lower range, potentially between $0.10 and $0.12, signaling a more sustained correction for the popular cryptocurrency.
