An analysis of the Dogecoin (DOGE) market reveals that bears are currently in control of it. According to CoinMarketCap's ranking, the rate of DOGE has been declining in the past few hours. It experienced a drop of 5.50%, breaking the support line at $0.08974. This may indicate a further decrease in the coming days, to the $0.08 price area.

On the daily chart, DOGE has met a resistance level of $0.095 and had started declining. As long as its rate stays under this mark, sellers remain in the lead. This indicates that the ongoing correction could last until the end of the week.

The weekly chart reflects a broader picture of the market, showing that the asset is sitting between two critical levels - $0.085 and $0.095. As a result, it is likely that a period of market consolidation will occur in the DOGE rate over the next few weeks.

At the time of writing, Dogecoin is trading at $0.0892. It is expected that a clearer picture of the asset's trend will be revealed by the end of the month.



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