Dogecoin Price Analysis: DOGE prepares to break $0.195 support, next target at $0.165
2 min readTL;DR Breakdown
- DOGE declined overnight.
- Closest support at $0.195.
- Next support at $0.165.
Dogecoin price analysis is bearish for today as the market continues moving lower after another test of the descending resistance trendline. Therefore, we expect DOGE/USD to continue moving lower over the next 24 hours and reach the next support of around $0.165.
The overall market trades in the red over the last 24 hours with BTC retracing almost 3 percent and ETH 6 percent. The rest of the top altcoins follow this pattern of bearish results.
Dogecoin price movement in the last 24 hours: Dogecoin closes in on $0.195 support
DOGE/USD traded in a range of $0.1994 – $0.2122, indicating mild volatility. Trading volume has increased by 32 percent and totals $1 billion, while the total capitalization trades around $26.2 billion, resulting in a market rank of 8th place.
DOGE/USD 4-hour chart: DOGE prepares to spike below $0.195
On the 4-hour chart, we can see the Dogecoin price approaching the $0.195 mark as bears prepare to push towards $0.165 over the following week.
Dogecoin continues to move lower over the past weeks after the previous swing high of around $0.29 was established on the 25th of July. From there, DOGE/USD started setting lower lows and highs and established a descending resistance trendline, which, together with the 100 period moving average blue line, acted as a pivoting point for DOGE/USD several times.
Last week, Dogecoin spiked to $0.195, where further downside was quickly rejected, indicating strong support. What followed was a rally to $0.23 previous resistance. Dogecoin price set a clear lower high from there and started trending lower over the weekend.
Yesterday, DOGE/USD continued moving lower and approached the $0.195 mark again. As long as a strong rally above the descending resistance trendline is not seen later today, we can expect DOGE/USD to break below the $0.195 mark and push towards the $0.165 support next.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish for today as the market continues to decline over the last 24 hours after a retest of several days descending resistance. Therefore, we expect DOGE/USD to spike below $0.195 later today and push towards $0.0165 next.
While waiting for Dogecoin to break lower, read our guides on DeFi advantages, BTC fees, as well as what you can buy with BTC.
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