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Dogecoin price analysis: Dogecoin continues to consolidate, ready to spike above $0.35 next?

Dogecoin price analysis

TL;DR Breakdown

  • 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.

Dogecoin price analysis: Dogecoin continues to consolidate, ready to spike above $0.35 next? 1

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. 

Dogecoin price analysis: Dogecoin continues to consolidate, ready to spike higher tomorrow?

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.

Dogecoin price analysis: Dogecoin continues to consolidate, ready to spike above $0.35 next? 2

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.

While waiting for Dogecoin to reverse, see our latest articles on cashing out Bitcoin, buying Bitcoin stock, as well as how to trade Bitcoin.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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