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Dogecoin Price Analysis: DOGE swiftly retraces to $0.17, bottom not yet found?

Dogecoin Price analysis

TL;DR Breakdown

  • Dogecoin price analysis is bearish today.
  • DOGE/USD reached the $0.17 mark yesterday.
  • The market currently consolidates around $0.18

Dogecoin price analysis is bearish today as we expect more downside to follow over the next 24 hours after consolidation around $0.18 since yesterday. Likely, DOGE/USD has not yet retraced enough, and more downside will be tested over the next days.

Dogecoin Price Analysis: DOGE swiftly retraces to $0.17, bottom not yet found? 1
Cryptocurrency heat map. Source: Coin360

The crypto market has seen bullish momentum return over the last 24 hours. The market leader, Bitcoin, has gained 2.27 percent, while Ethereum has surged by 5.93 percent.  Avalanche (AVAX) dominates the top altcoin with a gain of over 17 percent.

Dogecoin price movement in the last 24 hours: Dogecoin spikes to $0.17, begins consolidating around $0.18

DOGE/USD traded in a range of $0.1713 – $0.1857, indicating substantial volatility over the last 24 hours. Trading volume has declined by 48.7 percent, totaling 1.87  billion. Meanwhile, the total market cap trades around $23.93 billion, ranking the coin in 12th place overall.

DOGE/USD 4-hour chart: DOGE looks to drop again?

On the 4-hour chart, we can see the Dogecoin price consolidating around $0.18 today as bears prepare for the next push lower.

Dogecoin Price Analysis: DOGE retraces to $0.17, bottom not yet found?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price has seen sideways action ever since the massive spike lower on $th of December. Resistance at $0.18 was tested several times until a slightly lower local low was reached above $10.5 on the 13th of December.

What followed was a massive spike higher on Tuesday, with DOGE/USD briefly testing the $0.22 mark. However, bears quickly took over from there, leading to a retracement to $0.17 yesterday. 

Since then, we have seen the Dogecoin price action consolidate in a narrow range around the $0.18 previous resistance. Likely, more downside will be seen as bulls lack the strength to move the market any higher.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish today as the market has attempted to move higher unsuccessfully today and has consolidated around $0.18. Therefore, we assume that DOGE/USD prepares for another push lower over the next 24 hours.

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

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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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