- DOGE finds support at $0.26.
- Closest resistance at $0.28 to be tested.
- Next support at $0.25.
Dogecoin price analysis is bullish for the next hours as the market retraces after spiking to the $0.255 mark and retests resistance $0.28. Therefore, after DOGE/USD should rally and retrace further from there, unless the $0.28 gets breached to the upside.
The overall market trades in the red over the last 24 hours as Bitcoin has lost 3.14 percent and the rest of altcoins follow this price action trend. Ripple (XRP) is among the worst performers with a loss of almost 7 percent.
Meanwhile, Dogecoin trades around 4.5 percent loss, meaning strong bearish pressure. Other altcoins such as Solana (SOL), Filecoin (FIL), and Theta also trade with a 5-6 percent loss, indicating bears are in control.
Dogecoin price movement in the last 24 hours
DOGE/USD traded in a range of $0.2565 – $0.2924, indicating a strong amount of volatility. Trading volume has increased by 27.8 percent and totals $1.86 billion. The total market capitalization trades around $35.7 billion, ranking the cryptocurrency in 6th place.
DOGE/USD 4-hour chart – DOGE spikes to $0.255
On the 4-hour chart, we can see the Dogecoin price action retracing to $0.255mark over the past hours and currently starting to retrace some of the loss seen earlier today.
DOGE/USD 15-minute chart – DOGE retracement approaches $0.28 previous support
When looking at the 15-minute chart, the Dogecoin price action is very bullish as bulls look to regain some of the loss seen earlier today. The closest support is located around the $0.28 previous support, which, if acts as a resistance, will likely send Dogecoin lower again early next week.
Therefore, a short position could be taken around the $0.28 level in case price action shows signs of rejection for further upside. From there, we can expect DOGE/USD to move towards the next major support at the 0.25 mark as seen on the 4-hour chart.
However, if the $0.28 breaks, DOGE/USD should see further upside towards the $0.30 mark, which would mean that a double top has been established over the past few days. This would ultimately still send DOGE lower as the overall, several-day price action sentiment is still extremely bearish.
The overall Dogecoin price action structure is still bearish as the market has retraced by more than 70 percent since May. After two strong waves to the downside, support was found around the $0.21 mark on the 19th of May.
From there DOGE/USD quickly rallied higher and established resistance around $0.44. After further retracement and two higher highs, DOGE/USD gathered the strength to push to the $0.44 mark again.
This resulted in another several-week retracement at the beginning of June. Higher support around $0.30 initially held the market from moving higher, however, it was broken on the 18th of June. Further downside followed earlier this week with the $0.28 mark tested next.
The $0.28 support broke earlier today as DOGE/USD quickly spiked lower. The $0.255 mark was quickly reached, and the market spiked higher over the past hours. Therefore, we can assume that DOGE/USD wants to retest the $0.28 resistance as a support and likely move lower from there.
Alternatively, if the $0.28 mark fails to hold, the Dogecoin price action will likely move much higher to the $0.30 resistance. From there, we can expect bears to push the market lower again.
The next major price target lower is located around the $0.21 mark as it is where DOGE/USD spiked towards during the severe retracement in May. Therefore, this could be the area where Dogecoin finds support again. In case the $0.21 mark fails to hold, a lot more downside could be seen for the Dogecoin price over the following weeks.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bullish as we expect the market to retrace some of the loss seen over the past hours. Therefore, it is crucial whether the $0.28 previous minor support will act as a resistance or we will see further retracement higher to the $0.30 mark.
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