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Dogecoin Price Analysis: DOGE prepares to break $0.195 support, next target at $0.165

Dogecoin Price analysis

TL;DR Breakdown

  • DOGE declined overnight.
  • Closest support at $0.195.
  • Next support at $0.165.

Dogecoin price analysis is bearish for today as the market continues moving lower after another test of the descending resistance trendline. Therefore, we expect DOGE/USD to continue moving lower over the next 24 hours and reach the next support of around $0.165.

Dogecoin Price Analysis: DOGE prepares to break $0.195 support, next target at $0.165 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours with Bitcoin retracing almost 3 percent and Ethereum 6 percent. The rest of the top altcoins follow this pattern of bearish results.

Dogecoin price movement in the last 24 hours: Dogecoin closes in on $0.195 support

DOGE/USD traded in a range of $0.1994 – $0.2122, indicating mild volatility. Trading volume has increased by 32 percent and totals $1 billion, while the total capitalization trades around $26.2 billion, resulting in a market rank of 8th place.

DOGE/USD 4-hour chart: DOGE prepares to spike below $0.195

On the 4-hour chart, we can see the Dogecoin price approaching the $0.195 mark as bears prepare to push towards $0.165 over the following week.

Dogecoin Price Analysis: DOGE prepares to break $0.195 support, next target at $0.165
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin continues to move lower over the past weeks after the previous swing high of around $0.29 was established on the 25th of July. From there, DOGE/USD started setting lower lows and highs and established a descending resistance trendline, which, together with the 100 period moving average blue line, acted as a pivoting point for DOGE/USD several times.

Last week, Dogecoin spiked to $0.195, where further downside was quickly rejected, indicating strong support. What followed was a rally to $0.23 previous resistance. Dogecoin price set a clear lower high from there and started trending lower over the weekend. 

Yesterday, DOGE/USD continued moving lower and approached the $0.195 mark again. As long as a strong rally above the descending resistance trendline is not seen later today, we can expect DOGE/USD to break below the $0.195 mark and push towards the $0.165 support next.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish for today as the market continues to decline over the last 24 hours after a retest of several days descending resistance. Therefore, we expect DOGE/USD to spike below $0.195 later today and push towards $0.0165 next. 

While waiting for Dogecoin to break 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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