Dogecoin Drops 10% in a Week, Bearish Trend Persists

The price of Dogecoin (DOGE) has seen a slight increase of 0.33% over the past 24 hours, but the cryptocurrency has experienced a 10% decline over the past week, according to CoinStats. Despite today's minor rise, the hourly chart indicates a bearish trend for DOGE. If the local support level of $0.2435 is breached, the price could drop further to the $0.24 area by tomorrow.

On a larger time frame, traders should pay close attention to the interim zone of $0.24. If the daily bar closes below this mark, a test of the $0.22-$0.23 range could be imminent. From a midterm perspective, there are currently no reversal signals for DOGE. However, if the weekly bar closes near the support level of $0.22, there is a possibility that the cryptocurrency could test the crucial zone of $0.20 by the end of the month.

At the time of writing, DOGE is trading at $0.2437. As the cryptocurrency market continues to evolve, investors and traders should stay informed about the latest developments and price movements to make well-informed decisions.