Data from CoinMarketCap shows that on the last day of the week, the bearish forces are stronger than the bullish forces.
DOGE/USD The exchange rate of DOGE has declined by 11.78% since yesterday. In the past week, the price has increased by 13.58%.
On the hourly chart, the price of DOGE still looks bearish as it approaches the local support level of $0.3951.
If the daily chart closes at $0.40 or below, a breakout of this level is expected, followed by a move into the $0.39 area.
From a larger time frame, the DOGE exchange rate has rebounded again from the resistance level of $0.4385.
If the downward trend continues until the end of the day, traders may witness a test of the $0.36 to $0.38 range next week.
From a medium-term perspective, attention should be paid to the weekly candle close at the resistance level of $0.4385. If it moves away from this level, sellers may gain control, which could lead to a drop in price to the $0.35 level.
As of the time of writing, the trading price of DOGE is $0.4092.
