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Dogecoin Price Analysis: DOGE moving to retest $0.16 again, will the support hold?

Dogecoin Price analysis

TL;DR Breakdown

  • Dogecoin price analysis is bullish today.
  • DOGE/USD saw another decline overnight.
  • Support at $0.16 currently tested.

Dogecoin price analysis is bullish today as we expect the $0.16 mark to prevent further downside. Likely, DOGE/USD will reject higher later today, moving towards the previous high next.

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

The cryptocurrency market has seen a bearish momentum return over the last 24 hours. The market leader, Bitcoin, has declined by 2.41 percent, while Ethereum by 4.34 percent.  Meanwhile,  Dogecoin (DOGE) trades almost flat, with a small gain of 0.05 percent.

Dogecoin price movement in the last 24 hours: Dogecoin peaks at  $0.175, looks to retest previous low

DOGE/USD traded in a range of $0.1618 – $0.1736, indicating substantial volatility over the last 24 hours. Trading volume has increased by 16.99 percent, totaling $686.8 billion. Meanwhile, the total market cap trades around $21.5 billion, ranking the coin in 12th place overall.

DOGE/USD 4-hour chart: DOGE looks to retest $0.16 support

On the 4-hour chart, we can see the Dogecoin price action rapidly moving towards the $0.16 previous support, likely resulting in a reversal later today.

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

Dogecoin price has seen a steady decline last week after a quick spike to $0.22 was seen on the 14th of December. From there, DOGE/USD retraced to $0.16, where a slightly higher swing low was set.

Over the weekend, bulls took over, slowly pushing the market price higher. However, the $0.175 mark prevented more upside, leading DOGE/USD into a consolidation.

Overnight, selling pressure returned, leading the Dogecoin price to a quick drop lower. Currently, we see the $0.16 support tested again, likely resulting in a reversal to the upside later today. In the case DOGE/USD breaks lower, we expect a lot more downside over the next 24 hours.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bullish today as we expect the $0.16  mark to prevent further downside, reversing the market later today. Likely DOGE/USD will move higher from there, reaching the next major resistance at $0.18.

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

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.

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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