- Dogecoin price analysis is bearish today.
- DOGE/USD continued lower overnight.
- DOGE/USD is currently trading at $0.16.
Dogecoin is presently trading at a discount, and we expect further losses to follow after yesterday’s steep drop. As a result, the DOGE/USD pair will almost certainly break $0.16 next, perhaps as low as $0.15. In due course, a downward push through this level will provide room for further declines towards $0.13.
Dogecoin price movement in the last 24 hours: Dogecoin tests next support at $0.16
The following chart depicts the market’s present situation; A minor short-term reversal has brought the market back up to around $0.17, but it is presently being kept in check by a sizeable spread-down candle from earlier this week.
DOGE/USD will likely continue with its sharp decline after breaking this level; A failure here adds credence to bullish outlooks moving forward, though We look at how far we could see this decline go shortly.
DOGE/USD 4-hour chart: DOGE ready to break lower?
On the 4-hour chart, we can see that the DOGE/USD pair has been trading at a discount for a few days now. The price action during this period remains weak, with no bullish breakout able to take place. Furthermore, yesterday’s candlestick was quite significant as it took out several support values on strong volume.
Last week, DOGE/USD attempted to break above this level on two occasions without success; A third point through the $0.17 level will likely see significant bearish pressure follow suit. This will be accompanied by a strong downside break from the trading range that has been taking place since late December; The support values outlined below are those that we expect to keep losses at bay for now but will likely be breached sooner rather than later.
This is the aforementioned large spread down a candle from earlier this week; The market opened at $0.19 and closed almost $0.14 lower — a rate of over 20%. If we see a further downside break below this value, the market will likely test the next level at around $0.15; This value is especially pertinent as this is where 100-day average resistance converges with strong support from the 61.8% retracement values ($0.1453).
Dogecoin price action remained bearish overnight, with DOGE/USD continuing southwards towards our most favored support line ($0.16). Our bullish outlook is being held back by an inability to break through a large spread-down candle that took place yesterday morning on high volume; A failure here adds credence to our neutral outlook moving forward.
Dogecoin Price Analysis: Conclusion
We expect further declines to follow as soon as sellers wipe out today’s gains; A sharp downside break through $0.16 will likely offer further room for losses in the medium-term.
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.