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

Terra 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‘s price has been declining since yesterday, as we anticipate more declines over the next 24 hours after consolidation around $0.18 on Friday. DOGE/USD hasn’t fully recovered, and there’s a possibility that it won’t retrace enough before testing additional losses in the coming few days.

Dogecoin’s price reached $0.17 yesterday, but it has since declined and is currently sitting at $0.18. The market is in a period of consolidation, but there’s a good chance that it will break down in the next 24 hours as the support around $0.17 might fail.

The 100 SMA is still above the longer-term 200 SMA so a pullback from the uptrend seems possible, and a break below that could lead to an extended drop or even a reversal. In that case, price could fall by roughly the same height as yesterday’s move.

RSI is indicating overbought conditions and is starting to turn lower, so a selling pressure could take hold soon. Stochastic has just reached the oversold region and is also starting to turn higher, possibly hinting at a return in bullish momentum.

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

On the Dogecoin 4-hour chart, we can observe that the price is continuing to consolidate around $0.18 today, with bears readying for another push lower.

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

Since the huge drop on December th, Dogecoin’s price has been stuck in a sideways mode. Until a somewhat lower local low was reached above $10.5 on the 13th of December, resistance at $0.18 was tested several times.

On Tuesday, the price of DOGE/USD rose sharply, briefly approaching $0.22. However, bears swiftly overwhelmed thereafter, resulting in a retrace to $0.17 yesterday.

Since then, Dogecoin’s price has remained in a tight band around the $0.18 resistance level. Bulls will likely be tested further as they fail to have the power to propel the market any higher.

Dogecoin Price Analysis: Conclusion 

The Dogecoin price is bearish today, as the market has tried to rise unsuccessfully and has consolidated around $0.18. As a result, we anticipate that the DOGE/USD pair will push lower in the next 24 hours.

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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