- DOGE retests $0.30 support for the third time.
- Market bearish overnight.
- Next resistance at $0.35.
Dogecoin price analysis is bullish for the next 24 hours as a significant retracement was seen over the past days. Therefore, unless the $0.30 support breaks, we can expect DOGE/USD to break higher over the next 24 hours.
Cryptocurrency heat map. Source: Coin360
The overall market trades with substantial loss over the last 24 hours. Bitcoin has lost almost 3 percent, while Ethereum is down by 5 percent. SHIB is the best performer with a gain of 20 percent, with strong momentum against the overall market.
Dogecoin price movement in the last 24 hours
DOGE/USD traded in a range of $0.3055 – $0.3276, indicating a low volatility price action over the last 24 hours. Trading volume has slightly increased by 3.91 percent and totals $1.5 billion. Meanwhile, the total market cap stands around $40.5 billion, ranking the cryptocurrency in 6th place overall.
DOGE/USD 4-hour chart – DOGE retests $0.30 for the third time
On the 4-hour chart, we can see the Dogecoin price moving lower over the last 24 hours to retest the $0.30 support again.
DOGE/USD 4-hour chart. Source: TradingView
DOGE/USD 15-minute chart
Taking a closer look at the Dogecoin price action over the past hours, we can see that a strong push lower was set during the first half of the day. Another swing low was established around $0.305, with a sharp rejection to the $0.314 previous support turned resistance.
Therefore, we should see DOGE/USD push lower later today and move towards further lows, meaning that there is a potential for a short-term short position trade.
DOGE/USD 15-minute chart. Source: TradingView
The several week Dogecoin price action structure is still bearish after the market retraced 70 percent from the $0.73 swing high. After an initial push lower to the $0.35 mark, DOGE/USD retraced some of the loss and quickly spiked even lower to $0.21. There a sharp rejection for further downside indicated that bears are exhausted and we can expect DOGE/USD to start reversing.
At the end of May, DOGE/USD traded in an increasingly tighter range with both higher lows and lower highs until a sharp spike higher was seen on the first of June. Dogecoin quickly gained 55 percent and set a higher high at $0.44, sending a strong signal that the market is ready to push higher over the next weeks.
However, most of the gain was retracted over the last two week, with the $0.30 support retested twice already. Over the last days the Dogecoin price action traded in a very narrow range with local high established around $0.34 price point. From there, DOGE moved lower again yesterday and moved below the $0.32 overnight.
This price action development has resulted in a retest of the $0.30 mark again. Currently bears are still in control, meaning that we should wait for further price action development before considering a trade decision.
Therefore, the best option would be to wait for the market to reverse and set a higher high above the $0.34 mark. This would mean that bulls have regained some momentum and we could expect further upside over the following weeks.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bullish for the upcoming 24 hours as the market has approached the $0.30 support once again. Unless the support is invalidated we should see DOGE/USD reverse to the upside by tomorrow and attempt to reach the previous lower swing high at $0.34.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.