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Has the rate of DOGE accumulated enough strength for a drop to the $0.080 zone?
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The market does not seem ready to rise from its current levels, according to CoinStats.
DOGE chart by CoinStatsDOGE/USD
The rate of DOGE has declined by 3.37% over the past day.
Image by TradingViewOn the hourly chart, the price of DOGE is near the local support at $0.08940. If the bounce off does not happen until the end of the day, traders may witness a breakout, followed by a further drop to the $0.089 range.
Image by TradingViewOn the longer time frame, there are also no reversal signals yet. The volume remains low, which means buyers are not ready yet to seize the initiative.
All in all, there is a high chance of seeing a test of the support level at $0.08675 shortly.
Image by TradingViewFrom the midterm point of view, the rate of DOGE is breaking the $0.095 support. If the weekly bar fixes below that mark, the decline may continue to the $0.080 zone for the rest of the month.
DOGE is trading at $0.09040 at press time.
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Source: https://u.today/doge-price-analysis-for-february-11
