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

Chainlink Price Analysis

TL;DR Breakdown

  • Dogecoin price analysis is bullish today.
  • DOGE/USD continued to consolidate below $0.18.
  • DOGE/USD is currrently trading

The Dogecoin price looks to be in a bull market today, as we anticipate the current consolidation to be resolved with a break higher. Most likely, DOGE/USD will head towards $0.195 and recover substantially from the precipitous drop after last week.

Dogecoin has a positive bias and consolidates in preparation for the next breakout move. The next resistance level is at $0.195, followed by $0.2. A breakdown below $0.175 could again take the price down to $0.16.

The MACD in the daily chart is neutral in Sell in the short term but will become positive shortly. The RSI in the daily chart is also around 50, indicating limited upward pressure.

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

A breakout above $0.2 could take the price up to $0.25 and beyond. On the other hand, a breakdown below $0.175 could take the price down to $0.16 again.

Dogecoin is one of the few coins with a positive bias and consolidates in preparation for the next breakout move. The next resistance level is at $0.195, followed by $0.2. A breakdown below $0.175 could again take the price down to $0.16.

Dogecoin price analysis is bullish today. DOGE/USD continued to consolidate below $0.18, with the next resistance at $0.195. The Dogecoin price looks to be in a bull market today, as we anticipate the current consolidation to be resolved with a break higher. Most likely, DOGE/USD will head towards $0.195.

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

We can see it consolidating the Dogecoin price’s 4-hour chart as bulls appear to be getting ready for another offensive.

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

The price of Dogecoin has been in a bearish market structure for weeks after the previous major swing high was established at $0.23 at the end of October. Since then, DOGE/USD has retreated 60 percent as the market climbed to $0.13 on Friday last week.

DOGE dropped from $0.26 to $0.18, where it remained for the rest of the month before bulls were unable to keep selling any longer. On Monday, a higher low was established near $0.16, returning DOGE to its previous resistance at $0.18.

Looking at the 4-hour chart, we see that DOGE/USD has been consolidating below $0.18 since last Wednesday. The pair is currently testing resistance at $0.195, a previous support level. A break above this level could recover towards $0.2 and beyond.

On the downside, the key support levels are $0.185 and $0.175. A breakdown below these levels could trigger another sell-off, possibly taking DOGE/USD down to test the $0.16 lows once again.

Over the last day, Dogecoin’s price has remained resilient against the resistance. Given the overall market structure, we expect another leg higher than the $0.195 previous major support level.

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.

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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