TL;DR Breakdown
- Dogecoin price analysis is bullish today.
- DOGE/USD saw further decline overnight.
- Support found at $0.165
Dogecoin price analysis is bullish today as we expect recovery to follow after another drop lower was seen overnight. Likely, DOGE/USD has bottomed out at $0.165, leading upside later today.
The market overall has seen more bearish price action over the last 24 hours. The market leader, Bitcoin, has lost 1.7 percent, while Ethereum has 2.61 percent. Meanwhile, Dogecoin (DOGE) follows, with a small loss of 0.41 percent after a reaction higher earlier.
Dogecoin price movement in the last 24 hours: Dogecoin declines to $0.165, reacts higher
DOGE/USD traded in a range of $0.1654 – $0.1766, indicating mild volatility over the last 24 hours. Trading volume has increased by 24.84 percent, totaling $898.4 million, while the total market cap trades around 22.83 billion, ranking the coin in 12th place overall.
DOGE/USD 4-hour chart: DOGE returns above $0.17
On the 4-hour chart, we can see a reaction higher this morning as the Dogecoin price has found new support at $0.165.
Dogecoin price momentum shifted this week to the downside. After several days of steady rally, DOGE/USD found resistance at $0.195 on the 21st of December.
The resistance was retested several times as bulls failed to push the market any higher. Eventually, a lower high was set on the 27th of December, leading to a break lower later in the day.
$0.18 mark offered some support initially but was broken shortly after, opening the way for more downside. The Dogecoin price continued lower yesterday until a reaction was seen at $0.165. Potentially, DOGE/USD has finally bottomed, leading to more upside over the next 24 hours.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bullish today as recovery should follow after another push lower took the market to $0.165, where support was found. Likely DOGE/USD is not ready to recover some of the loss seen over the previous days.
While waiting for Dogecoin to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.
