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Dogecoin Price Analysis: DOGE slowly trades around $0.20, rapid decline imminent?

Dogecoin Price analysis

TL;DR Breakdown

  • DOGE spiked above $0.20 yesterday.
  • DOGE/USD consolidated overnight.
  • Dogecoin is ready to target $0.15 next.

Dogecoin price analysis indicates a bearish price action momentum to follow later today as the market rejected further upside yesterday, and a base from which to move lower was established today. Therefore, we expect DOGE/USD to push lower over the next 24 hours as ears target the $0.15 mark next.

Dogecoin Price Analysis: DOGE slowly trades around $0.20, rapid decline imminent? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades with mixed results over the last 24 hours. Bitcoin is up by 0.69 percent, while Ethereum by 2.8 percent. Dogecoin (DOGE) is among the worst performers, with a loss of more than 5 percent.

Dogecoin price movement in the last 24 hours: Dogecoin consolidates below $0.20

DOGE/USD traded in a range of $0.185 – $0.2101, indicating mild volatility over the last 24 hours. Trading volume has remained flat and still totals $3.154 billion. Meanwhile, the total market capitalization trades around $25.3 billion, ranking the cryptocurrency in 8th place overall.

DOGE/USD 4-hour chart: DOGE prepares for another decline?

On the 4-hour chart, we can see the Dogecoin price consolidating over the last hours as bears prepare for another wave lower.

Dogecoin Price Analysis: DOGE still trades around $0.20, prepares for a rapid decline?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price still trades in a strong bearish momentum that has lasted for several weeks. After the last major swing high, around $0.29, was set on the 25th of July, DOGE/USD retraced by around 45 percent until the $0.16 mark was reached.

From there, DOGE/USD saw a rapid spike higher above the $0.20 mark and a fast rejection for further downside, pushing the market lower again. Since then, the Dogecoin price has traded sideways below $0.20 resistance as bears gather momentum to make another push lower.

This Dogecoin price action development indicates that we will see further downside over the next days as the market attempts to set further lows below $0.16. Once the previous low is breached, we can see DOGE/USD finding support around the $0.15 mark next.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis indicates bearish momentum to follow over the next 24 hours as the market moved sideways today below the $0.20 resistance. Therefore, we expect DOGE/USD to decline later this week and target the next major support around $0.15 next.

While waiting for Dogecoin to reach $0.15, 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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