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On the hourly chart, the price of DOGE is near the local support of $0.1607. If a bounce back does not happen by the end of the day, one can expect a level breakout, followed by a test of the $0.16 mark.
Image by TradingView
On the bigger time frame, the rate of the meme coin has broken the support of $0.1625.
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If sellers can hold the gained initiative, the decline is likely to continue to the $0.1579 level soon.
From the midterm point of view, the price of DOGE is falling after the previous bullish bar’s closure. If the situation does not change by the end of the week, traders are unlikely to witness a further upward move.
