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A correction might have begun on the cryptocurrency market, according to CoinStats.


The rate of DOGE has declined by 2.1% over the last 24 hours.

On the hourly time frame, the rate of DOGE has made a false breakout of the local resistance at $0.06978. If the decline continues, one can expect a test of the support at $0.067 soon. Such a scenario is relevant until tomorrow.

On the bigger chart, it is too early to make any predictions as the rate is far from the support and resistance levels.

As neither side has seized the initiative yet, sideways trading in the area of $0.065-$0.072 is the more likely scenario for the next week.

On the weekly time frame, traders should focus on the bar closure in terms of the level of $0.06858. If it happens above it, there is a possibility to see a further upward move to the $0.075 area.

DOGE is trading at $0.06889 at press time.


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