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Dogecoin Price Analysis: DOGE retests the $20 mark, prepares for another drop overnight?

Dogecoin Price analysis

TL;DR Breakdown

  • DOGE rallied above $20 yesterday.
  • Further upside reversed overnight.
  • DOGE/USD is likely to reach further lows today.

Dogecoin price analysis is bearish for the upcoming 24 hours as further upside could not be reached overnight, and the market started to decline again. Therefore, we expect DOGE/USD to reach further lows later today and move back towards the $0.165 support over the next weeks.

Dogecoin Price Analysis: DOGE retests the $20 mark, prepares for another drop overnight? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades with mixed results over the last 24 hours as bearish momentum took over the market overnight. The market leader Bitcoin is down by 3 percent, while Ethereum is up by 0.3 percent. 

Dogecoin price movement in the last 24 hours: Dogecoin retests the $0.20 mark as a resistance

DOGE/USD traded in a range of $0.1947 – $0.2031, indicating mild volatility over the last 24 hours. Trading volume has increased by 12.39 percent and totals $1 billion, while the total market capitalization trades around $25.7 billion, ranking the cryptocurrency in 8th place overall.

DOGE/USD 4-hour chart: DOGE set to reach further lows

On the 4-hour chart, we can see the Dogecoin price starting to decline again as bears look to reach the $0.165 major support level again.

Dogecoin Price Analysis: DOGE retests the $20 mark, prepares for another drop overnight?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has become increasingly more bearish over the past few days as a clear lower high was set around $0.215 on the 1st of August. This price action development was a result of a more than 45 percent higher over the end of July, with strong resistance found around the $0.23 mark.

From the $0.23 mark, DOGE rapidly retraced and started to consolidate above the $0.20 mark. After another attempt to move higher, DOGE/USD was quickly reversed, and the price moved past the $0.20 support on the 3rd of August.

Dogecoin made another attempt to move higher yesterday and quickly was resisted by the $0.20 support turned resistance. Therefore, DOGE/USD is ready to reach further lows over the next days and continue its way back towards the $0.165 major support level.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish for the next 24 hours as further upside could not be reached overnight, and market momentum shifted back to being bearish. Therefore, we expect DOGE/USD to push towards further lows later today and reach the $0.165 major support level later this week.

While waiting for Dogecoin to move further, read our articles on investing in PayPal Bitcoin, Bitcoin trusts, as well as Dogecoin as a good investment.

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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