Dogecoin (DOGE) is showing positive movement on the final day of the week, with its rate rising by 2.09% over the last 24 hours, according to data from CoinMarketCap. Despite this short-term gain, DOGE has experienced a weekly decline of 3.04%, reflecting broader market fluctuations.
Short-Term Outlook: Bulls Gaining Momentum
As of today, DOGE is trading at $0.09601, with the price situated in the middle of a local channel on the hourly chart. If the daily bar closes near the $0.09651 level, bullish momentum could push the price into the $0.097-$0.098 range soon. This short-term growth pattern hints at renewed optimism among traders.
Daily Chart: Potential for Further Growth
On the daily time frame, DOGE is showing signs of recovery after a false breakout from its support level at $0.09184. However, the coin may require additional time to gather momentum for a more significant upward move. For the next few days, traders should expect sideways movement in the $0.095-$0.099 zone as DOGE consolidates its position.
Mid-Term Outlook: Bears in Control?
From a mid-term perspective, the overall picture leans slightly bearish. The price is still hovering near the support level of $0.08196, and bulls will need to make a strong push to bring DOGE back into the $0.11 range if they want to regain control of the market. Without this upward pressure, bearish forces may continue to dominate the market in the near future.
At press time, DOGE remains priced at $0.09601, and the market is closely watching how the meme coin will navigate the next few days.
Credit: U.Today
