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Dogecoin price analysis: DOGE sets another lower high below $0.23, rapid move to $0.165 next?

Dogecoin Price analysis

TL;DR Breakdown

  • DOGE tested the $0.23 mark yesterday.
  • DOGE/USD ready to move lower
  • Next target around $0.164.

Dogecoin price analysis for today indicates bearish momentum to be seen next week. DOGE/USD set another lower high overnight and currently prepares to push lower again, which should lead Dogecoin towards the previous major support of around $0.165.

Dogecoin price analysis: DOGE sets another lower high below $0.23, rapid move to $0.165 next? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the green over the last 24 hours. Bitcoin has increased by 0.18 percent, while Ethereum 1.25 percent. The rest of the altcoin markets follow with around 1-2 percent loss.

Dogecoin price movement in the last 24 hours

DOGE/USD traded in a range of $0.2107 – $0.2182, indicating a moderate amount of volatility. Trading volume has decreased by 33.06 percent and totals $884.3 billion. Meanwhile, the total market capitalization stands around $28.1 billion, ranking cryptocurrency in 7th place overall.

DOGE/USD 4-hour chart – DOGE ready to move lower again?

On the 4-hour chart, we can see the Dogecoin price action moving lower as bears are taking over momentum once again.

Dogecoin price analysis: DOGE sets another lower high below $0.23, rapid move to $0.165 next?
DOGE/USD 4-hour chart. Source: TradingView

The overall Dogecoin price action trades with a bearish momentum over the last weeks. After the previous major swing high around $0.44, DOGE/USD retraced more than 60 percent until support was found around $0.165.

What followed was a quick spike higher to the $0.29 mark where a strong lower high was set. Over the following two weeks, Dogecoin price moved lower again with a steady descending resistance trendline formed.

Earlier this week, DOGE/USD spiked below $0.23 support until rejection for further downside was seen around $0.20. From there, DOGE rallied to the $0.23 mark, which previously acted as a support. The overnight further downside was seen, indicating that bears are taking market momentum again and push towards the $0.165 support over the next week.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish for the next 24 hours as another lower high has been established yesterday and bears prepare for further downside once again. Therefore, we expect DOGE/USD to move lower and reach the $0.165 next major support level next week.

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