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

Dogecoin price analysis

TL;DR Breakdown

  • Dogecoin price analysis is bearish today.
  • DOGE/USD is currently trading at $0.177
  • DOGE found resistance at $0.2.

The price of Dogecoin has been declining steadily over the past week, and we expect even more falls in the days ahead. Since a new local low was struck, DOGE/USD should target $0.20 resistance next.

At this point, we would advise any newcomers to do their research before getting involved because these markets are always highly unpredictable and can be extremely unforgiving if you make mistakes with your trades.

Dogecoin price movement in the last 24 hours: Dogecoin continues to retrace, moves below $0.18

The 100 SMA is still above the longer-term 200 SMA to confirm that the path of least resistance is to the downside. This suggests that the selloff is more likely to continue than to reverse.

Also, higher highs are found on the hourly chart, with the last swing high at $0.2559 and a low ahead of $0.2266 seen yesterday morning. A move further below could open up the next area of interest at $0.2075 but this might still be some time away yet depending on how bearish sentiment changes in this market over the coming hours and days.

Dogecoin price analysis is bearish today. DOGE/USD broke past the previous low overnight. Closest support at $0.175. The price of Dogecoin has been declining steadily over the past

DOGE/USD 4-hour chart: Bullish signals

On the 4-hour chart,  we can see that the price is now trading around the $0.18 level, with the resistance provided by a short-term bearish trend line at $0.1880 and a longer-term bearish trend line at $0.1930.

More importantly, today’s candle moved below yesterday’s low at $0.1783 to strike a new local low at $0.1772. This break means that further declines are possible in the days ahead as traders who bought on a rebound close their positions while DOGE/USD remains weak enough for more losses to be seen before reaching any potential support area.

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

RSI has reached oversold levels but hasn’t confirmed full bullish exhaustion just yet; however, we do expect a correction higher to bring a temporary price high at $0.1930 before further losses continue.

Price action has been gradually declining over the past week, and we were not surprised to see this break yesterday. The next level of support is found at $0.2, and this should see some resistance because Dogecoin itself could become more attractive under its recent price declines.

We only recently highlighted how DOGE/USD had breached several key support levels around $0.25 and accelerated the downtrend in our last article. We expect this to continue, with perhaps even further downside until we reach the main support area around $0.15, mentioned in previous reports.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen more downside tested overnight. Likely, DOGE/USD will move towards the $0.175 mark next as selling pressure remains strong.

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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