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.
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 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.
