- 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.
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.
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