- DOGE moved lower overnight.
- Bearish momentum continued today.
- The $.21 support to rejected further downside
Dogecoin price analysis is bullish for today as the market has retraced by 20 percent since midnight. Therefore, we expect DOGE/USD to reject further downside around the $0.21 mark and retest the $0.25 mark over the next 24 hours.
The overall market trades with a strong bearish sentiment over the last 24 hours. Bitcoin has lost 4.58 percent, while Ethereum 6.55 percent. The rest of the altcoin market follows this pattern, with Dogecoin being among the worst performers with a loss of more than 15 percent.
Dogecoin price movement in the last 24 hours
DOGE/USD traded in a range of $0.215 – $0.2897, indicating a huge volatility price action over the last 24 hours. Trading volume has spiked by 128 percent and totals $3.3 billion. Meanwhile, the total market cap stands at $28.3 billion, ranking cryptocurrency in 7th place overall.
DOGE/USD 4-hour chart – DOGE spikes lower
On the 4-hour chart, we can see the Dogecoin price action moving lower over the last 24 hours to retest the $0.21 previous major support.
DOGE/USD 15-minute chart
Looking at the short-term Dogecoin price action movements, we can see a double bottom formed over the last hours around the $0.215 mark. This should send Dogecoin higher later today to retest the $0.25 mark as a resistance. Therefore, short-term, DOGE/USD is very bullish right now.
Overall, several-week Dogecoin price action is still bearish after a drop of over 70 percent was seen in May. Dogecoin made a quick spike to the $0.21 mark at the end of this retracement and started moving sideways from there.
At the beginning of June, the market made a sharp rally higher to the $0.44 mark. However, the further upside was prevented and DOGE started a slow retracement over the past weeks.
Support at the $0.21 was finally reached over the past hours, indicating that DOGE/USD currently is in a very sensitive price area. If further downside can be reached over the next 24 hours, a lot more bearish momentum can be expected over the next weeks.
Alternatively, if DOGE/USD spikes higher, we could see the market start to reverse back to the upside and try to reach back above the $0.30-$0.35 consolidation area.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bullish over the last 24 hours as the market was pushed below the $0.25 mark and support currently is reached above the $0.21 mark. This should lead DOGE/USD towards a move higher later today as bulls want to retest the $0.25 as resistance.
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