Bears have started to recover the initiative on the market, according to CoinMarketCap.

DOGE/USD

The price of DOGE has dropped by 2.46% over the last day.

On the hourly chart, the rate of DOGE is falling after a breakout of the local support of $0.1575. If the daily bar closes below that mark, the decline is likely to continue to the $0.1530 area soon.

A bearish picture can also be seen on the bigger time frame. If the candle fixes below the $0.1577 level, the correction is likely to continue to the $0.15 range. Such a scenario is relevant until the end of the week.

From the midterm point of view, bulls have failed to keep the growth going after the weekly bar’s closure.

If the candle closes around the current prices or below, the correction is likely to continue to the $0.1450-$0.15 area shortly.

DOGE is trading at $0.1575 at press time.