- DOGE continues trading below $0.20 resistance.
- DOGE/USD rejected further upside.
- Market set for another decline.
Dogecoin price analysis indicates bearish momentum to take over as further upside is still rejected around $0.20 resistance. Therefore, we expect DOGE/USD to target the $0.165 support next and try to establish further lows.
Cryptocurrency market trades in the green over the last 24 hours. Bitcoin has gained more than 6 percent, while Ethereum has around 7.85 percent. The rest of the top altcoins follow this pattern of slightly bearish results.
Dogecoin price movement in the last 24 hours: Dogecoin still hold $0.20
DOGE/USD traded in a range of $0.184 – $0.1989, indicating mild volatility over the last 24 hours. Trading volume has increased by 15.93 percent and totals $1.47 billion, while the total market cap stands around $25.85 billion, ranking the cryptocurrency in 8th place overall.
DOGE/USD 4-hour chart: DOGE attempts to break $0.20?
On the 4-hour chart, we can see the Dogecoin price currently moving towards the $0.20 resistance as bulls try to finally breach the $0.20 resistance.
Dogecoin price action has traded in a strong bearish momentum over the past weeks. After the previous swing high was set around $0.29, DOGE/USD started to retrace and has since lost around 45 percent to the $0.165 support.
What followed was a rapid spike higher on Tuesday, with the $0.20 resistance quickly broken and a slightly higher high set around $0.215. Therefore, we might see the first signs for a reversal once again. From there, Dogecoin retraced back below the $0.20 resistance and moved sideways from there.
Dogecoin`s current spike higher might result in another higher high set over the next 24 hours. However, when considering previous rejections for further upside, we can expect DOGE/USD to reject further upside later today and start trading lower towards the $0.165 previous support. Therefore, further price action development is needed before a more accurate price prediction can be made for the next few days.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis indicates bearish momentum to take over later today as another attempt at breaking the $0.20 resistance is currently in progress. Considering previous price action development, we can assume that DOGE/USD will not move any higher and another move lower will be seen over the next few days.
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