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

Polkadot Price Analysis

TL;DR Breakdown

  • Dogecoin price analysis is bearish today.
  • DOGE/USD spiked to $0.22.
  • Selling pressure is currently returning.

Today’s Dogecoin price analysis is bearish, as we anticipate a sharp reversal after a 40 percent increase in the previous hours. Next, to retest it as support, likely DOGE/USD is headed toward its prior major resistance at $0.18 next.

This past month has seen Dogecoin price analysis bullish, trading within a flat-lined scenario between $0.16 and $0.20 after the market’s recovery from its yearly lows near $0.06. Most recently, prices spiked to break out of this range, reaching $0.22 at one point on Thursday before selling pressure returned to drive it back below that level today – currently at $0.20 representing a major support area for buyers waiting to see where they might emerge next in case of further losses.

Dogecoin price movement in the last 24 hours: Dogecoin finds resistance at $0.22, gains over 40 percent since morning

Dogecoin analysis is bearish today as we anticipate a sharp reversal after a 40% increase in the previous hours. Next, to retest it as support, likely DOGE/USD is headed toward its prior major resistance at $0.18 next.

This past month has seen Dogecoin price analysis bullish, trading within a flat-lined scenario between $0.16 and $0.20 after the market’s recovery from its yearly lows near $0.06. Most recently, prices spiked to break out of this range, reaching $0.22 at one point on Thursday before selling pressure returned to drive it back below that level today – currently at $0.20 representing a major support area for buyers waiting to see where they might emerge next in case of further losses.

DOGE/USD 4-hour chart: DOGE rejects further upside

On the 4-hour chart, we can see the Dogecoin price currently reacting lower as bulls cannot sustain the current price levels any longer.

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

Since the large drop on December 4, Dogecoin’s price has been trading in a tight range. After a new low of $0.13 was set, DOGE/USD bounded back up to $0.18 resistance.

DOGE plummeted to a new low of $0.005 on June 10, but it recovered and rebounded after briefly trading for more than a week above $0.18. After some consolidation beneath the resistance level, a steady decline began again, ending in a lower low at $0.16 below the previous one.

The Bollinger bands are wide open and indicative of high volatility, with the bands themselves contracting over time as prices move sideways. The RSI is hovering in the neutral area around 50.0, not giving too much indication of where it will go next.

In short, Dogecoin price analysis shows that the market is currently very indecisive about where it wants to go from here. A break below $0.20 could see a sharp sell-off to retest support near $0.16, while a breakout above $0.22 could lead to a continuation of the rally up to $0.25 or even $0.30 in the short term.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish today as we expect retracement from the previous spike high to follow later. Likely, DOGE/USD will look to move towards the previous major resistance at $0.18 as a place where support could be found again.

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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