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- Dogecoin price analysis is bearish today.
- $DOGE/USD continued lower overnight.
- Next support at $0.16 is currently tested.
Dogecoin price analysis is bearish today as we expect more downside to follow after a steady decline over the last 24 hours. Therefore, $DOGE/USD will likely break the $0.16 support next and break even lower.
$DOGE continues to retrace, reaches $0.16 major support level 1" title="Dogecoin Price Analysis: $DOGE continues to retrace, reaches $0.16 major support level 2">
The crypto market has steadily declined over the last 24 hours. The market leader, Bitcoin, has gained 0.85 percent, while Ethereum has lost 1.2 percent. Meanwhile, Dogecoin ($DOGE) trades with a small loss of 1.1 percent.
Dogecoin price movement in the last 24 hours: Dogecoin tests next support at $0.16
$DOGE/USD traded in a range of $0.1601 – $0.1686, indicating mild volatility over the last 24 hours. Trading volume has declined by 12.37 percent, totaling $1 billion. Meanwhile, the total market cap trades around $21.8 billion, ranking the coin in 11th place overall.
$DOGE/USD 4-hour chart: $DOGE ready to break lower?
On the 4-hour chart, we can see the Dogecoin price bouncing from $0.16 earlier today, however, as long as the market structure remains unchanged, we expect further downside being reached soon.
$DOGE continues to retrace, reaches $0.16 major support level" title="Dogecoin Price Analysis: $DOGE continues to retrace, reaches $0.16 major support level 3">
Dogecoin price has seen a strong advance last week leading to a very strong higher high set at $0.215 on the 14th of January. Further upside was quickly rejected as $DOGE/USD was pushed down below $0.20 shortly after.
Since then, bears have steadily retraced previous gains, leading to a 25 percent loss so far. Currently, no signs of reversal as seen, meaning we expect $DOGE to move even lower over the next days.
The next support is located at $0.15 and could be the reversal point, where a higher low is set. However, bears are likely becoming exhausted once again after such a long retrace, and we could see reversal much sooner.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish today as we saw more downside reached over the last 24 hours. $DOGE/USD will likely continue even lower once another test of $0.16 support is made.
While waiting for Dogecoin to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.