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The crypto market has entered a correction phase, according to CoinMarketCap.

DOGE/USD

DOGE is one of the biggest losers today, falling by 12.31%.

On the hourly chart, the price of DOGE might have found a local support level of $0.3650. However, if the rate getrs back to it, one can expect a breakout, followed by a further drop to the $0.35-$0.36 zone.

On the bigger time frame, traders should focus on the support of $0.3512. If the decline continues and the bar closes around that mark, the accumulated energy might be enough for a dump to the $0.34 area.

From the midterm point of view, the price of DOGE is going down after a false breakout of the resistance of $0.4385. 

If the candle closes below $0.35, the ongoing decline may lead to a test of the $0.30-$0.35 range.

DOGE is trading at $0.3752 at press time.