Sellers are again seizing the initiative, according to CoinMarketCap.

DOGE/USD

DOGE is one of the biggest losers today, falling by 4.18%.

On the hourly chart, the rate of DOGE is falling after breaking the local support of $0.222. 

If the daily bar closes around current prices, the decline is likely to continue to the $0.21 mark.

A bearish picture can also be seen on the longer time frame. If bulls cannot seize the initiative by the end of the day, the accumulated energy might be enough for a test of the $0.20-$0.21 range.

From the midterm point of view, bulls have failed to keep the rise going after the previous bullish bar’s closure. In this case, traders may witness a correction to the nearest vital zone around $0.20.

DOGE is trading at $0.2195 at press time.