DOGE Price Analysis for January 1

The year 2023 has started with a market fall, based on CoinMarketCap’s ranking.

DOGE/USD

DOGE is looking worse than other coins on the list, having gone down by 0.63%.

On the hourly chart, DOGE started the day with a rise from the support at $0.06906. However, the growth was stopped at the resistance at $0.06970 formed by the false breakout.

If the rate returns to the upper mark, traders may see a test of the $0.07 zone shortly.

On the daily time frame, the price is trading sideways as DOGE has not accumulated enough for a sharp move yet. This statement is also confirmed by the low volume. All in all, the more likely scenario is trading in the range of $0.069-$0.07 next week.

From the midterm point of view, the rate of DOGE is about to close below the recently formed support level at $0.06997. If buyers fail to seize the initiative by the end of the day, the drop may continue to the $0.064 area.

DOGE is trading at $0.06956 at press time.

Source