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Dogecoin price analysis: Dogecoin retests $0.165 with another sharp move lower

Dogecoin price analysis

TL;DR Breakdown

  • DOGE retraced to the $0.21 mark overnight.
  • Overall price action sentiment is still bearish.
  • Rejection for further downside seen again.

Dogecoin price analysis is bullish for the next 24 hours as the $0.165 mark was retested over the past hours and DOGE/USD prepares to spike higher once again. Therefore, we can expect Doge to move to the $0.25 mark later this week.

Dogecoin price analysis: Dogecoin retests $0.165 with another sharp move lower 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with a substantial loss over the past 24 hours. Bitcoin has regained some of the loss seen yesterday and trades around a 1 percent gain. Ethereum also trades relatively flat with a -1 percent loss. Meanwhile, Dogecoin has lost almost 6 percent and is among the worst performers from the major altcoins.

Dogecoin price movement in the last 24 hours

DOGE/USD traded with a total volume of $7.34 billion, which is up by 64.88 percent. The total market capitalization stands around $25.1 billion, ranking the cryptocurrency in 8th place overall.

DOGE/USD 4-hour chart – DOGE retests $0.165

On the 4-hour chart, we can see that the Dogecoin price spiked lower over the past hours after finding some resistance at $0.21 overnight.

Dogecoin price analysis: Dogecoin retests $0.165 with another sharp move lower
DOGE/USD 4-hour chart. Source: TradingView

The overall market price action over the past weeks has been very bearish. After Dogecoin retraced from the $0.73 high, support was found at the $0.21 mark. From there, DOGE/USD formed a consolidation in an increasingly tighter range until a sharp spike higher was made at the end of May.

From there, DOGE started to retrace again, with a higher low set around $0.30 first, indicating a potential reversal over the next few days. However, the $0.33-$0.35 mark held the price action from further upside, resulting in a move lower again on the 20th of June.

Yesterday, DOGE/USD moved lower with an increasing momentum until the $0.165 mark. After a brief retest of $0.21, Dogecoin reversed earlier today and spiked to the $0.165 support again. Therefore, we can assume that the market will start to regain some of the loss seen over the last days and look to retest the $0.25 mark next.

Once the $0.25 level is reached, much depends on further Dogecoin price action development. If the following retracement sets a higher low, we can expect DOGE/USD to start trending higher over the following weeks. Alternatively, DOGE will move past the $0.165 mark and head towards the next support at $0.145.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bullish as the market retested the $0.165 over the past hours and currently prepares to push higher. This should lead DOGE/USD back above the $0.21 mark and retest the next resistance at $0.25.

While waiting for the Dogecoin price to move higher, read our articles on what is DeFi, Bitcoin fees, what can you buy with 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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