- DOGE moved to the $0.22 mark overnight.
- Lower high established again.
- Market ready to move lower again.
Dogecoin price analysis is bearish for the next 24 hours as another lower high has been set along the several-week descending trendline of resistance. Therefore, we expect DOGE/USD to start moving lower again later today and push below the $0.195 support once again.
Dogecoin price movement in the last 24 hours
DOGE/USD moved in a range of $0.2105 – $0.219, indicating a moderate amount of volatility. Trading volume has decreased by 5.54 percent and totals $842.3 billion. Meanwhile, the total market capitalization trades around 27.5 billion, ranking the cryptocurrency in 7th place overall.
DOGE/USD 4-hour chart – DOGE ready to move lower again?
Looking at the DOGE/USD 4-hour chart, we can see the Dogecoin price action starting to push towards the next major support around $0.165.
The overall market trades with a strong bearish momentum over the past weeks after the previous swing high around $0.29 was set at the end of June. After reaching the 100-period moving average, DOGE/USD retraced and set several lower highs.
Over the following days, a clear descending trendline of resistance was established at a relatively steep angle, indicating strong bearish pressure. Last week, DOGE/USD broke below the $0.23 local support and retested it as a resistance, further indicating bearish momentum.
Yesterday, the Dogecoin price slowly moved higher and retested the descending trendline overnight. What followed was a slight move lower as bears prepare for another major swing lower. This price action development should lead DOGE/USD towards the next major support, around $0.165 over the next few days, where the market will have a tough decision on where to go next.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis indicates a bearish sentiment for the upcoming days as another lower high was set overnight. This price action development should lead DOGE/USD towards a lot more downside this week, with the next support target around $0.165.
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