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

Dogecoin price analysis

TL;DR Breakdown

  • Dogecoin price analysis is bearish today.
  • DOGE/USD found resistance at $0.19.
  • DOGE/USD is currently trading at $0.18.

Dogecoin price analysis is bearish today as we expect another drop to follow after further upside was rejected today. Therefore, DOGE/USD will likely move for another test of $0.16 support. A break below this support could see a move towards the $0.14 level.

Dogecoin price found some resistance at the prior highs of around 0.19 on exchanges today before pulling back slightly during the day’s trading sessions. As we can see from the chart above, this was not enough to push prices any higher as there appears to be some strong selling pressure being applied at the moment.

We expect another drop to follow after further upside was rejected today. We can see some bearish pressure building up on the hourly chart above, showing a higher low forming in contrast with yesterday’s price action. As a result, before any significant movements take place later this week or early next week, DOGE/USD will most likely attempt another test of 0.16 support.

The Bollinger bands are starting to tighten up, and we could see a break out in either direction soon. A break above the resistance at 0.19 could take prices back up to retest the highs around 0.20-0.21, while a breakdown below support may pave the way for a move towards the $0.14 level, respectively.

Dogecoin price analysis is bearish today as we expect another drop to follow after further upside was rejected today. Therefore, DOGE/USD will likely move for another test of $0.16 support which, if broken, could see a move towards the $0.14 level as shown on the four-hour chart.

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

On the 4-hour chart, we can see that Dogecoin was rejected from $0.18 over the previous hours, suggesting that another drop is ahead.

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

After a long period of losses, Dogecoin’s price rally has resumed. From the previous significant swing high of DOGE/USD, the currency retraced 25% as support was found at $0.16 on the 17th of December.

The Dogecoin price rallied on Tuesday, rising more than 40% from its 24-hour low of $0.13 to a high of $0.18. Now, the Dogecoin price has made another push towards $0.20, despite bearish pressure. The DOGE/USD pair is likely poised to fall lower once again, potentially setting a higher low to prepare for additional losses after this one ends soon.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish today as we expect another drop to follow after further upside was rejected today. Therefore, DOGE/USD will likely move for another test of $0.16 support before any real movements take place later on during this week or early next week.

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.

Related News