The market might have found a local bottom by now, according to CoinStats.

DOGE/USD

The rate of DOGE has risen by 9.07% since yesterday.

On the hourly chart, the price of the meme coin is in the middle of the local channel, between the support of $0.2560 and the resistance of $0.2890. If the daily bar closes around current prices, ongoing sideways trading remains the more likely scenario.

On the bigger time frame, the situation is similar. The rate of DOGE is far from key levels, which means neither bulls nor bears are dominating. 

Related

All in all, traders are likely to witness consolidation in the range of $0.26-$0.30 by the end of the week.

From the midterm point of view, the price of DOGE has made a false breakout of the support of $0.2148. However, there are low chances to seeing a fast bounce back due to a lack of bulls’ energy. In this case, sideways trading around $0.30 is the more likely scenario.

DOGE is trading at $0.2727 at press time.

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