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Dogecoin price analysis: Dogecoin still consolidates above $0.23, prepares to spike lower?

Dogecoin Price analysis

TL;DR Breakdown

  • DOGE moved sideways yesterday.
  • Further downside rejected for now.
  • Market likely to push lower overnight.

Dogecoin price analysis is bearish for the next 24 hours as a consolidation area has been formed above the $0.23 mark. Therefore, we can expect DOGE/USD to move lower again and retest previous support around $0.165 next.

Dogecoin price analysis: Dogecoin still consolidates above $0.23, prepares to spike lower? 1
Cryptocurrency heat map. Source: Coin360

The overall crypto market trades in the red over the last 24 hours. Bitcoin has lost 0.39 percent, while Ethereum around 1.35 percent. Cardano (ADA) is among the exceptions, with a small gain of just over 1 percent.

Dogecoin price movement in the last 24 hours

DOGE/USD traded in a range of $0.2388 – $0.2492, indicating a good amount of volatility over the last 24 hours. Trading volume has seen a sharp decline of over 44.67 percent, totaling $1.4 billion. The total market cap stands around $31.5 billion, ranking cryptocurrency in 6th place overall.

DOGE/USD 4-hour chart – DOGE prepares to push lower?

On the 4-hour chart, we can see the Dogecoin price building momentum over the last 24 hours to prepare for another push lower.

Dogecoin price analysis: Dogecoin still consolidates above $0.23, prepares to spike lower?
DOGE/USD 4-hour chart. Source: TradingView

The overall crypto market trades in the red over the last weeks as the market continues to retrace from the $0.44 previous major swing high set at the beginning of June. Since then, DOGE/USD lost more than 60 percent until support was found around $0.165, indicating that bears are still in control.

Earlier this week, DOGE moved higher to regain some of the loss and retest the previous significant support around $0.29 as resistance. From there, the $0.23 mark was tested, and the market started moving sideways in an increasingly tighter range, indicating that the next move lower is being prepared.

This price action development means we should see further downside over the next 24 hours, with the next support level around $0.165. If the $0.165 support fails to hold, DOGE should see further lows over the next weeks and continue to trade along with the several-week bearish momentum.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish for the next 24 hours as the market has built momentum and set a lower high overnight in preparation for another strong push lower. Therefore, we expect DOGE/USD to spike lower over the weekend and retest the previous major low of around $0.165.

While waiting for Dogecoin to move lower, read our guides on DeFi advantages, Bitcoin fees, as well as what you can 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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