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Dogecoin price analysis: DOGE/USD set to break below the intraday lows

Dogecoin price analysis

TL;DR Breakdown

  • Dogecoin price analysis is bearish today.
  • DOGE/USD has seen a 16 percent spike higher since the last low.
  • Rejection for further upside is seen at $0.14.

Dogecoin price analysis is bearish today as the market is currently facing rejection at $0.14 after a 16 percent price hike since last week. DOGE/USD has seen a 16 percent spike higher since the last low was set on September 12, 2019, at $0.1165. The market reached as high as $0.136 today before it started to retrace lower.

The main resistance area is found between $0.14 and $0.142, where the 100-day simple moving average (SMA) and the 200-day SMA are both located. A breakout above this area would invalidate the bearish setup that we are currently tracking.

On the downside, support is found at the last low of $0.1165 as well as at $0.1128, which is a key Fibonacci retracement level from the last leg up. A break below this level would confirm that the market is indeed headed lower in the near term.

Dogecoin price movement in the last 24 hours: Dogecoin rejects further upside as bulls are exhausted

Dogecoin price analysis is bearish today as the market is currently facing rejection at $0.14 after a 16 percent price hike since last week. DOGE/USD has seen a 16 percent spike higher, at $0.1165. The market reached as high as $0.136 today before it started to retrace lower. The main resistance area is found between $0.14 and $0.142, where the 100-day simple moving average (SMA) and the 200-day SMA are both located. A breakout above this area would invalidate the bearish setup that we are currently tracking. On the downside, support is found at the last low of $0.1165 as well as at $0.1128, which is a key Fibonacci retracement level from the last leg up.

DOGE/USD 4-hour chart: DOGE looks to retrace?

The Bollinger Bands on the 4-hour chart show that the market is in overbought territory and that a pullback to the downside is likely. The market is also trading above the upper Bollinger Band, which is another sign that a bearish correction is on the cards.

Dogecoin price analysis
DOGE/USD 4-hour chart. Source: TradingView

The MACD indicator is currently in bullish territory but looks like it is about to cross over into bearish territory, which would further support the idea of a near-term bearish correction.

All in all, Dogecoin price analysis is bearish today as the market is facing rejection at key resistance levels and indicators are signaling that a pullback to the downside is likely. The next level of support to watch out for is at $0.1128.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as the market is currently facing rejection at $0.14 after a 16 percent price hike since last week. A break below $0.1128 would confirm that the market is indeed headed lower in the near 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.

William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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