Cryptheory

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

Dogecoin price analysis: Dogecoin pushing to $0.21 previous support, swift retracement incoming?

3 min read

TL;DR Breakdown

  • DOGE moved lower overnight. 
  • Bearish momentum continued today.
  • The $.21 support to rejected further downside

Dogecoin price analysis is bullish for today as the market has retraced by 20 percent since midnight. Therefore, we expect DOGE/USD to reject further downside around the $0.21 mark and retest the $0.25 mark over the next 24 hours.

Dogecoin price analysis: Dogecoin pushing to $0.21 previous support, swift retracement incoming? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with a strong bearish sentiment over the last 24 hours. BTC has lost 4.58 percent, while ETH 6.55 percent. The rest of the altcoin market follows this pattern, with Dogecoin being among the worst performers with a loss of more than 15 percent.

Dogecoin price movement in the last 24 hours

DOGE/USD traded in a range of $0.215 – $0.2897, indicating a huge volatility price action over the last 24 hours. Trading volume has spiked by 128 percent and totals $3.3 billion. Meanwhile, the total market cap stands at $28.3 billion, ranking cryptocurrency in 7th place overall.

DOGE/USD 4-hour chart – DOGE spikes lower

On the 4-hour chart, we can see the Dogecoin price action moving lower over the last 24 hours to retest the $0.21 previous major support.

Dogecoin price analysis: Dogecoin pushing to $0.21previous support, swift retracement incoming?
DOGE/USD 4-hour chart. Source: TradingView

DOGE/USD 15-minute chart

Looking at the short-term Dogecoin price action movements, we can see a double bottom formed over the last hours around the $0.215 mark. This should send Dogecoin higher later today to retest the $0.25 mark as a resistance. Therefore, short-term, DOGE/USD is very bullish right now.

Dogecoin price analysis: Dogecoin pushing to $0.21 previous support, swift retracement incoming? 2
DOGE/USD 15-minute chart. Source: TradingView

Overall, several-week Dogecoin price action is still bearish after a drop of over 70 percent was seen in May. Dogecoin made a quick spike to the $0.21 mark at the end of this retracement and started moving sideways from there.

At the beginning of June, the market made a sharp rally higher to the $0.44 mark. However, the further upside was prevented and DOGE started a slow retracement over the past weeks. 

Support at the $0.21 was finally reached over the past hours, indicating that DOGE/USD currently is in a very sensitive price area. If further downside can be reached over the next 24 hours, a lot more bearish momentum can be expected over the next weeks.

Alternatively, if DOGE/USD spikes higher, we could see the market start to reverse back to the upside and try to reach back above the $0.30-$0.35 consolidation area.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bullish over the last 24 hours as the market was pushed below the $0.25 mark and support currently is reached above the $0.21 mark. This should lead DOGE/USD towards a move higher later today as bulls want to retest the $0.25 as resistance.

While waiting for further Dogecoin price action development, read our latest articles on what you can buy with BTC, BTC fees, as well as DeFi advantages. 

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.

Source link

Leave a Reply

Your email address will not be published.

Share this post