Dogecoin Price Analysis: DOGE spikes above $0.20, ready for further lows?

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TL;DR Breakdown

  • DOGE set a lower low yesterday.
  • Market rallied above $0.20 again.
  • Dogecoin is likely to push lower today.

Dogecoin price analysis indicates bearish momentum to follow later this week as a rapid spike above the $0.20 was seen over the past hours, and bears reject further upside. Therefore, we expect DOGE/USD to move lower over the next 24 hours and start another push towards further lower lows.

Dogecoin Price Analysis: DOGE spikes above $0.20, ready for further lows? 1
Cryptocurrency heat map. Source: Coin360

The overall crypto market traded with a strong bullish momentum over the last 24 hours. Bitcoin gained 7.8 percent, while Ethereum 10 percent. Dogecoin (DOGE) is among the best performers, with a gain of 16.5 percent.

Dogecoin price movement in the last 24 hours: Dogecoin rallies above $0.20 again

DOGE/USD traded in a range of $0.1678 – $0.2142, indicating severe volatility over the last 24 hours. Total trading volume has spiked by 81.6 percent and totals $3 billion. Meanwhile, the total market cap trades around $26 billion, ranking the cryptocurrency in 7th place overall.

DOGE/USD 4-hour chart: DOGE ready for another drop?

On the 4-hour chart, we can see the Dogecoin price rejecting further upside over the past hours as bears prepare to take over the market momentum once again.

Dogecoin Price Analysis: DOGE spikes above $0.20, ready for further lows?
DOGE/USD 4-hour chart. Source: TradingView

The Dogecoin price structure is still very bearish as a further lower low was set around $0.165 yesterday. This resulted from a several-week drop from the previous major swing high of around $0.29, with a total loss of around 45 percent.

After another lower low was set, DOGE/USD quickly rallied higher and breached the $0.20 support turned resistance once again. However, a further upside was quickly rejected, and the market currently attempts to move back below the $0.20 mark. 

This Dogecoin price action development should lead towards another strong push lower later today, with the $0.165 support likely broken. The next support target is located around $0.15 and would mean a decline of around 25 percent later this week.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis today predicts bearish momentum over the next 24 hours as the further upside is currently rejected. Therefore, DOGE/USD is set to move lower later this week and break below the $0.165 support, with the $0.15 mark targeted next. 

While waiting for Dogecoin to reach $0.15, read our guides on Bitcoin fees, what can you buy with Bitcoin as well as DeFi advantages.

Disclaimer. The information provided is not trading advice. Cryptopolitan.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.