Another day, another Dogecoin price analysis. If you’re not following the cryptocurrency closely, you’re missing out on a lot of great news. For one, Dogecoin has experienced a massive spike in price over the past month, resulting in a price increase of over 1,000% since December 18. Since the beginning of the year, the price of Dogecoin has increased from cents to $0.009, and it’s now approaching its all-time high of $0.0021. Dogecoin is currently sitting at $0.0023, up about 12% over the past 24 hours.
Dogecoin price is consolidating its position above $0.23. Dogecoin (DOGE) price formed a support base near the $0.23 support level and it looks ready to break it. The 20-day EMA and the 50-day EMA are both below the price. The MACD is in the bullish zone and is positive. However, the price is below the 12-day EMA and the 26-day EMA. Dogecoin could rise in the short term.
The price of Dogecoin (DOGE) is still consolidating, but it is preparing to drop. And the best part is, the coin is getting ready for a bounce, not a crash.Summary of the situation
- Yesterday, the DOGE moved sideways.
- Further reductions have been rejected for the time being.
- The market will probably collapse overnight.
The dogecoin price analysis is bearish for the next 24 hours, as a consolidation zone has formed above the $0.23 level. Therefore, we can expect DOGE/USD to have a new downtrend and retest the previous support around $0.165 next time.
Heatmap for crypto-currencies. Source: Coin360
Overall, the cryptocurrency market has been in negative territory for the past 24 hours. Bitcoin lost 0.39% and Ethereum lost about 1.35%. Cardano (ADA) is one of the exceptions, with a small gain of just over 1%.
Dogecoin price movement in the last 24 hours
The DOGE/USD pair is trading in the range of $0.2388 – $0.2492, indicating good volatility over the last 24 hours. The volume of transactions fell significantly by more than 44.67% to USD 1.4 billion. The total value of the market is about $31.5 billion, which puts the cryptocurrency in 6th place overall.
Chart 4 hours DOGE/USD – Is the DOGE preparing for a decline?
On the 4-hour chart, we can see that the price of Dogecoin has gained momentum over the past 24 hours and is gearing up for another downward push.
DOGE/USD 4 hour chart. Source: TradingView
Overall, the cryptocurrency market traded in negative territory in recent weeks, continuing to pull back from its previous high of $0.44 in early June. Since then, the DOGE/USD lost more than 60% before finding support around $0.165, suggesting the bears are still in control.
Earlier this week, DOGE moved higher to make up some of its losses and retest previous key support around $0.29 as resistance. The $0.23 level was then tested and the market began a sideways move into an increasingly narrow range, suggesting that the next lower move is in the works.
This development means that we should see further price declines in the next 24 hours and the next support level is around $0.165. If support at $0.165 fails to hold, DOGE is likely to hit new lows in the coming weeks and continue to trade in line with bearish momentum on a weekly basis.
Dogecoin Price Analysis: Supplement
The Dogecoin price analysis is bearish for the next 24 hours as the market gained momentum and set a lower high overnight, setting the stage for another strong push down. Consequently, we expect the DOGE/USD exchange rate to decline over the weekend and retest the previous major low around $0.165.
While we wait for Dogecoin to fall, check out our guides on the benefits of DeFi, bitcoin commissions and what to buy with bitcoin.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Dogecoin price climbed slightly above the $0.23 level in the early hours of Friday, but failed to break the $0.24 resistance level. The price is currently consolidating above the $0.23 level, and is preparing to test the $0.24 resistance level. The trend line support is intact at $0.22, which could make a move towards $0.24 once again. If the $0.24 level is broken, the price is expected to find support at the $0.22 level. On the downside, there is a strong support at $0.21, which could act as a stop below the $0.21 level.. Read more about dogecoin price prediction in inr and let us know what you think.
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