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Dogecoin Price Analysis: DOGE/USD is bearish for the next 24 hours

Dogecoin price analysis

TL;DR Breakdown

  • Dogecoin price analysis is bearish today.
  • DOGE/USD is currently trading at $0.2331.
  • Reaction higher followed this morning.

The Dogecoin price is in a bearish trend today, as we expect more downside to follow after the current reaction higher is over. DOGE/USD will most likely encounter resistance at $0.25, resulting in additional lower lows set during the next 24 hours. On the downside, we expect support to be at $0.21, and our final target will be set at $0.18 and below.

The latest downside reaction during the past two hours was expected after sellers managed to take the market to higher levels than where buyers were located before pushing the market upwards. This move downwards has taken DOGE/USD back to our range support level between $0.21 – $0.22 before seeing lower lows set at $0.2065, which is now being breached again via current trading as we expect more downside to follow now that this key support level failed so quickly in stabilizing the price action for now.

Selling pressure will be firm now that prices are moving into new lows territory, as many bearish traders could have entered their positions within these past 24 hours and might push prices lower to levels that could trigger panic sells.

Lower lows can be expected soon, as we see that more downside seems to follow for the Dogecoin price in the coming hours below $0.21, which is now becoming an area of interest as intense buying pressure could emerge there as well because buyers might jump at the chance to buy the Dogecoin price close to its new lows of $0.18.

DOGE/USD 4-hour chart: DOGE set to drop further after a retest of $0.23 resistance

Dogecoin Price Analysis: DOGE/USD is bearish for the next 24 hours 1
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin’s price has continued to decline so far this week. After a strong higher high was set at $0.34 at the end of October, DOGE/USD has seen selling pressure return, leading to a steady decline over the past weeks.

The technical indicators are starting to show more bearish signals – mostly towards DOGE/USD’s moving averages, which means that sellers might be in control of the market for now, and another downwards move could follow very soon. Still, we do expect a recovery to happen before prices could continue lower.

More bearish signals can be spotted on the chart, as the RSI indicator is below the 50 level and pointing further downwards, which means that bears are in control of the market momentum right now while sellers might take hold within a concise time frame. The MACD indicator also seems to be entering a negative zone and showing a bearish signal. So, this could be the beginning of an extended downwards move that could see DOGE/USD retrace back to our support level seen between $0.21-$0.22 before another recovery takes place towards the next resistance levels around $0.24 – $0.25.

Dogecoin Price Analysis: Conclusion 

We expect the market to continue its downwards move, taking DOGE/USD down to our next support level around $0.18 within no time – this is also where we expect strong buying pressure to emerge since it has been confirmed as a new demand area by indicator signals, which means that our analysis and the price behavior has been confirmed.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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