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Dogecoin Price Analysis: DOGE peaks below $0.145, moves lower again

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  • Dogecoin price analysis is bearish today.
  • DOGE/USD found resistance at $0.145 yesterday.
  • Selling pressure returned overnight.

Dogecoin price analysis is bearish today as we expect further downside to be tested after reversal from the $0.145 mark yesterday. Likely DOGE/USD is headed lower again and will retest the previous low over the next 24 hours.

Dogecoin Price Analysis: DOGE peaks below $0.145, moves lower again 1
Cryptocurrency heat map. Source: Coin360

The market has returned to bearish momentum over the last 24 hours. The leaders, Bitcoin and Ethereum, are down by 3.65 and 7.82 percent. Meanwhile, Dogecoin (DOGE) follows, with a loss of almost 7 percent.

Dogecoin price movement in the last 24 hours: Dogecoin peaks at $0.145, begins to decline again

DOGE/USD traded in a range of $0.1322 – $0.1431, indicating substantial volatility over the last 24 hours. Trading volume has declined by 30.39 percent, totaling $1 billion. Meanwhile, the total market cap trades around $17.55 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE ready to retest previous low?

On the 4-hour chart, we can see the Dogecoin price action declining again, likely leading towards previous low later today.

Dogecoin Price Analysis: DOGE peaks below $0.145, moves lower again
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price saw a strong decline last week. After several days of decline, DOGE/USD found a new major swing low at $0.12, from which a reaction higher was seen the same day.

From there, the market regained some of the loss yesterday, reaching towards $0.145, where a rejection for further upside was seen. After a second attempt to move higher, a slightly lower high was set close to the end of the day, inviting sellers into the market overnight.

Over the past hours, the Dogecoin price has declined, reaching the $0.13 mark. Likely we will see even further downside tested later today, with the $0.12 mark the one to watch.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish today as we expect more downside to follow after the $0.145 mark offered strong resistance yesterday. Likely, DOGE/USD will move lower again and look to retest the $0.12 support next.

While waiting for Dogecoin to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.

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