The digital currency called Dogecoin, which trades under the ticker symbol DOGE, has been under pressure from bears in recent times. However, while many of the top coins on CoinMarketCap have seen their prices slide, Dogecoin has managed to eke out a modest 0.58% increase in value over the last 24 hours.

When looking at the hourly chart, Dogecoin is trading in the middle of a local channel, between the support at $0.07015 and the resistance at $0.07275. It is essential to pay close attention to the closure, whether it comes below the $0.0715 mark or not, as that could determine if the coin is heading for a correction to the $0.07 zone.

The outlook for Dogecoin changes for the longer-term views. Bears remain in control and the price is slowly making its way to test the support level. This decline in buying volume indicates that the coin won't be ready for any growth anytime soon. Analysts suggest that a bar closure near $0.07 could be a prelude to a drop in its value again and it could reach the $0.06 range by the end of May.

At the time of writing Dogecoin is trading at $0.0712, bouncing between the two levels of support and resistance. As the month progresses, the coin is likely to remain within these two price points until there is a significant shift in the market.



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