Dogecoin Price Analysis: DOGE slowly trades around $0.19, prepares for another wave lower?
2 min readTL;DR Breakdown
- DOGE moved sideways yesterday.
- Further upside rejected earlier today.
- DOGE/USD targets $0.15 next.
Dogecoin price analysis indicates bearish momentum to follow over the next 24 hours as further upside was rejected. Therefore, we expect DOGE/USD to start declining over the weekend as bears target the $0.15 mark next.
The cryptocurrency market trades with a slight loss over the last 24 hours as bears are slowly taking over the momentum. BTC trades with almost a 0.2 percent loss, while ETH is still up around 1.3 percent. The rest of the top altcoins have already declined by 2-3 percent.
Dogecoin price movement in the last 24 hours: Dogecoin moves sideways around $0.19
DOGE/USD traded in a range of $0.1898 – $0.1995, indicating low volatility over the last 24 hours. Trading volume has rapidly declined by 67.34 percent and totals $1.3 billion. Meanwhile, the total market capitalization stands around $25 billion, ranking the cryptocurrency in 8th place overall.
DOGE/USD 4-hour chart: DOGE ready for further lows?
On the 4-hour chart, we can see the Dogecoin price establishing a base from which to push lower over the weekend.
Dogecoin price action continues to trade with a strong bearish momentum over the past weeks. After a sharp rally to the $0.29 mark, DOGE/USD failed to set further highs at the end of June and has since slowly moved lower.
On the 20th of July, DOGE retested the $0.165 support, with a sharp rejection seen over the following 24 hours. Eventually, the Dogecoin price spiked above $0.20 resistance and set a higher high around $0.215.
From there, DOGE/USD started to consolidate yesterday around the $0.19 mark, indicating that bears are building up momentum to push lower over the weekend. Therefore, we expect DOGE/USD to start declining over the next 24 hours as bears target the $0.15 mark next.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis indicates bearish momentum to follow over the weekend as further upside was rejected over the last 24 hours. Currently, DOGE/USD has established a clear consolidation area, leading to a rapid decline later this week, with bears targeting the $0.15 next major support next.
While waiting for Dogecoin to decline, read our guide on BTC fees, as well as what can you do with BTC and DeFi advantages.
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