Dogecoin price is hovering around the support zone of $0.2400 as cryptocurrencies record subtle movements in Wednesday’s session. The leading crypto – Bitcoin – is trading sideways at around $64,000 after rising from Tuesday’s low of $61,334.65.
According to CoinMarketCap, the global crypto market cap is down by 1.53% from the previous session. Besides, the market volume has decreased by 12.31% over the past 24 hours. A similar trend is observable in DOGE, with its market cap and trading volume down by 0.84% and 68.62% respectively.
After soaring to its highest level in more than month on Monday, DOGE has reversed most of the week’s gains. The altcoin has dropped by over 10% to find support at October’s crucial level of 0.2400.
At the time of writing, Dogecoin price was down by 0.21% at 0.2449. On a two-hour chart, it is trading along the 25-day EMA and slightly above the 50-day EMA.
In the near term, I expect the altcoin to continue finding support at 0.2400. It will likely trade within a tight range as the bulls gather enough momentum for a breakout. From this perspective, the horizontal channel’s upper border will probably be at the prior resistance zone of 0.2497.
If the bulls manage to push Dogecoin price past that level, the next target will be at 0.2555. On the flip side, a move below 0.2400 will have the bears testing the lower support level of 0.2357.
This post was last modified on %s = human-readable time difference 11:32