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Dogecoin Price Analysis: DOGE slowly consolidates at $0.18, prepares to spike higher?

Dogecoin Price analysis

TL;DR Breakdown

  • Dogecoin price analysis is bullish today.
  • DOGE/USD continued to consolidate below $0.18.
  • Next resistance at $0.195.

Dogecoin price analysis is bullish today as we expect the current consolidation to be resolved with a break higher. Likely DOGE/USD will move towards $0.195 and regain even more from the previous sharp drop at the end of last week.

Dogecoin Price Analysis: DOGE slowly consolidates at $0.18, prepares to spike higher? 1
Cryptocurrency heat map. Source: Coin360

The market overall has traded with no clear direction over the last 24 hours. The market leader, Bitcoin, gained 1.17 percent, while Ethereum 1.95 percent. Meanwhile, Dogecoin saw a slight decline of almost 3 percent.

Dogecoin price movement in the last 24 hours: Dogecoin continued to consolidate below $0.18

DOGE/USD traded in a range of $0.1726 – $0.1822, indicating mild volatility over the last 24 hours. Trading volume has declined by 17.36 percent, totaling $1.05 billion, while the total market capitalization traded around $23.74 billion, ranking the coin in 11th place overall.

DOGE/USD 4-hour chart: DOGE targets $0.195 resistance next?

On the 4-hour chart, we can see the Dogecoin price slowly consolidating as bulls likely prepare for another push higher.

Dogecoin Price Analysis: DOGE consolidates at $0.18, prepares to spike higher?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price has seen a bearish market structure continue developing for the past weeks after the last major swing high was set at $0.23 at the end of October. Since then, DOGE/USD has retraced around 60 percent as the market spiked to $0.13 last Friday.

From there, DOGE recovered to $0.18 as bears could no longer sustain further selling. Around the $0.16 mark on Monday, a higher low was established, leading back to the previous local resistance at $0.18.

Over the last 24 hours, the Dogecoin price action has continued to respect the resistance.  However, we expect another push higher towards the $0.195 previous major support level considering the overall market structure.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bullish today as we expect the current consolidation to end with a spike higher over the next 24 hours. Likely DOGE/USD will move to the next resistance at $0.195, which previously offered strong support.

While waiting for Dogecoin to move further, see our articles on Gochain wallet, Fiat wallets, and Trust wallet.

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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