Dogecoin News

Dogecoin Price Analysis: DOGE attempts to break the $0.20 resistance, set to break lower today?

TL;DR Breakdown

  • DOGE continues trading below $0.20 resistance.
  • DOGE/USD rejected further upside.
  • Market set for another decline.

Dogecoin price analysis indicates bearish momentum to take over as further upside is still rejected around $0.20 resistance. Therefore, we expect DOGE/USD to target the $0.165 support next and try to establish further lows.

Cryptocurrency heat map. Source: Coin360

Cryptocurrency market trades in the green over the last 24 hours. Bitcoin has gained more than 6 percent, while Ethereum has around 7.85 percent. The rest of the top altcoins follow this pattern of slightly bearish results.

Dogecoin price movement in the last 24 hours: Dogecoin still hold $0.20

DOGE/USD traded in a range of $0.184 – $0.1989, indicating mild volatility over the last 24 hours. Trading volume has increased by 15.93 percent and totals $1.47 billion, while the total market cap stands around $25.85 billion, ranking the cryptocurrency in 8th place overall.

DOGE/USD 4-hour chart: DOGE attempts to break $0.20?

On the 4-hour chart, we can see the Dogecoin price currently moving towards the $0.20 resistance as bulls try to finally breach the $0.20 resistance.

DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has traded in a strong bearish momentum over the past weeks. After the previous swing high was set around $0.29, DOGE/USD started to retrace and has since lost around 45 percent to the $0.165 support.

What followed was a rapid spike higher on Tuesday, with the $0.20 resistance quickly broken and a slightly higher high set around $0.215. Therefore, we might see the first signs for a reversal once again. From there, Dogecoin retraced back below the $0.20 resistance and moved sideways from there.

Dogecoin`s current spike higher might result in another higher high set over the next 24 hours. However, when considering previous rejections for further upside, we can expect DOGE/USD to reject further upside later today and start trading lower towards the $0.165 previous support. Therefore, further price action development is needed before a more accurate price prediction can be made for the next few days.

Dogecoin Price Analysis: Conclusion

Dogecoin price analysis indicates bearish momentum to take over later today as another attempt at breaking the $0.20 resistance is currently in progress. Considering previous price action development, we can assume that DOGE/USD will not move any higher and another move lower will be seen over the next few days. 

While waiting for Dogecoin to reject $0.20 resistance again, read our guides on Bitcoin fees, what can you buy with Bitcoin, as well as DeFi advantages.

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.

This post was last modified on July 24, 2021 6:05 pm

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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