Dogecoin Price Analysis: DOGE retraces to $0.16, will the support hold?

Dogecoin Price analysis

TL;DR Breakdown

  • Dogecoin price analysis is bearish today.
  • DOGE/USD saw steady retracement continue overnight.
  • Support at $0.16 currently tested.

Dogecoin price analysis is bearish for the next 24 hours as we expect the $0.16 mark to be broken, leading to a lower low set later on. However, if the support holds, we could see DOGE/USD continue to consolidate over the weekend.

Dogecoin Price Analysis: DOGE retraces to $0.16, will the support hold? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has traded mostly in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, have lost 0.77 and 3.42 percent, respectively. Meanwhile, Dogecoin falls in-between the two majors, with a loss of 0.9 percent.

Dogecoin price movement in the last 24 hours: Dogecoin retraces to $0.16 after consolidation below $0.18

DOGE/USD traded in a range of $0.1639 – $0.1746, indicating a moderate amount of volatility in the market. Trading volume has declined by 7.74 percent, totaling $905.36 billion. Meanwhile, the total market cap trades around 22.18 billion, ranking the coin in 11th place overall.

DOGE/USD 4-hour chart: DOGE prepares to break below $0.16?

On the 4-hour chart, we can see a slight upsurge this morning, likely as bears pause before finally attempting to break below the current support.

Dogecoin Price Analysis: DOGE retraces to $0.16, will the support hold?
DOGE/USD 4-hour chart. Source: TradingView

The Dogecoin price action saw a steady decline over the past weeks until a strong spike lower last Friday. DOGE/USD peaked above $0.13 and saw a strong reaction higher last weekend.

Resistance was initially found at $0.18, with the follow-up push lower ending at $0.16. Therefore, the current trading range was established early in the week, with BNB returning to the upper range by Tuesday.

Several-day consolidation below the $0.18 mark followed, indicating that there is still strong selling pressure in the market. On Thursday, the Dogecoin price slowly started to move lower, with a steady decline continuing throughout Friday. Likely we will see DOGE/USD finally break lower over the weekend to retest the demand at much lower prices next week.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish today as we expect more downside to follow after some bullish momentum was seen this morning. Likely DOGE/USD is looking to break the $0.16 support and continue testing further downside over the weekend.

While waiting for Dogecoin to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.

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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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