Dogecoin is in a state of confusion. After climbing back to the $0.30’s level in the first week of this month, the Dogecoin price remained in a relatively flat range that saw the price dip below the $0.20 mark at some point in each of the past two weeks. The Dogecoin price moved through these technical levels at a rapid pace, and the Dogecoin price is now on the verge of a larger move, which could see the price surpass the $0.25 mark.
Dogecoin is a meme-based, peer-to-peer digital currency that was launched in December 2013. Part of the reason for its success is that it is loosely based on the doge meme, which is a popular Internet meme that features a Shiba Inu dog in an Internet tipping service. Since the meme first entered the public consciousness in December 2013, it has been adopted by many internet users as a means of generating random humor and glancing at the world of digital currency.
TL;DR Breakdown- DOGE tested the $0.23 mark yesterday.
- DOGE/USD ready to move lower
- Next target around $0.164.
Dogecoin price analysis for today indicates bearish momentum to be seen next week. DOGE/USD set another lower high overnight and currently prepares to push lower again, which should lead Dogecoin towards the previous major support of around $0.165.
DOGE/USD 4-hour chart. Source: TradingView
The overall Dogecoin price action trades with a bearish momentum over the last weeks. After the previous major swing high around $0.44, DOGE/USD retraced more than 60 percent until support was found around $0.165.
What followed was a quick spike higher to the $0.29 mark where a strong lower high was set. Over the following two weeks, Dogecoin price moved lower again with a steady descending resistance trendline formed.
Earlier this week, DOGE/USD spiked below $0.23 support until rejection for further downside was seen around $0.20. From there, DOGE rallied to the $0.23 mark, which previously acted as a support. The overnight further downside was seen, indicating that bears are taking market momentum again and push towards the $0.165 support over the next week.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish for the next 24 hours as another lower high has been established yesterday and bears prepare for further downside once again. Therefore, we expect DOGE/USD to move lower and reach the $0.165 next major support level next week.
While waiting for Dogecoin to move lower, read our guides on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.
Disclaimer. The information provided is not trading advice. .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.
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