- Dogecoin price analysis is bearish.
- DOGE/USD is currently trading at $.0.2.
- DOGE is set to surpass the intraday high.
Today, Dogecoin price analysis is bearish since further upside couldn’t be seen after consolidation over the last 24 hours. As a result, we anticipate DOGE/USD to decline over the next 24 hours to reclaim all of the gains made earlier last week.
The chart below shows the 4-hour price action for DOGE/USD. The market has rejected further upside by essentially trading around $0.2 after peaking at $0.24 last week, only to consolidate over the next 24 hours. This rejection should invite sellers into the market soon as we approach overnight, meaning that our bearish bias will be triggered over the next day or so.
The RSI has tagged 30 but is now declining, indicating that buyers are exhausted as sellers step in with their momentum to lower prices.
In addition to this, the MACD has been sustained in a downwards direction over the last few days, with positive divergence in effect before a corresponding crossover occurs. This means that sellers are likely to continue pushing price action lower in the very near future before price action reverses later on.
Finally, we have support just below $0.2 coming from both Fibonacci retracement levels at 23% and 38%. As per our analysis above, a break of these levels would trigger our bearish bias over the next day or so.
DOGE/USD 4-hour chart: DOGE set to retrace next week?
On the Dogecoin price chart, we can see it struggling to reach further upside, with another rejection for greater heights in recent hours.
DOGE/USD 4-hour chart. Source: TradingView
We can see that any substantial decline will follow the 38.2 percent Fibonacci level, so we should wait for this level to be tested before going short. We should also keep in mind that this market has yet to experience a 50% or more significant downturn within a reasonable length of time, suggesting that bulls are exhausted and waiting to capitulate. This opens up lower-lows, giving sellers an advantage right now because there is no more extended resistance insight.
There has been a change of color to the 5 EMA and 10 SMA, indicating that sellers have an edge right now since it is above the last price. Also, we can see that this market is trading below the Ichimoku cloud which means that buyers don’t have control. However, we do anticipate future buying should there be a break above the cloud, as shown by the chart below:
In this scenario, a break above would signal the start of a potential bullish run to $0.0026 before continuing higher to test the downside-moving averages again. Conclusion Dogecoin’s price analysis is bearish at the moment, as DOGE/USD retraces further lower after rejecting additional upside not long ago. We should wait for an increase in the Ichimoku cloud before going long and using a stop loss in case bears enter to qualify most purchases.
Dogecoin Price Analysis: Conclusion
In summary, the Dogecoin price analysis is bearish. DOGE/USD still rejects further upside, which suggests an upcoming decline will occur after consolidation during overnight trading sessions between Friday and Saturday.
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