- DOGE continued to move lower overnight.
- Support around $16.5 almost reached.
- DOGE/USD likely to target $0.0875 next.
Dogecoin price analysis predicts further downside over the next 24 hours as bears pushed the market towards $0.165 support. Therefore, we expect DOGE/USD to break lower and start heading towards the next major support around $0.0875.
The crypto market trades in the red over the last 24 hours, with Bitcoin down by almost a percent and Ethereum 1.5 percent. The rest of the top altcoins follow with a loss of around 2-3 percent.
Dogecoin price movement in the last 24 hours: Dogecoin almost reached $0.165
DOGE/USD traded in a range of $0.1692 – $0.181, indicating mild volatility. Trading volume has decreased by 7.37 percent and totals $1.11 billion. The total market capitalization trades around $23 billion, ranking the cryptocurrency in 8th place overall.
DOGE/USD 4-hour chart: DOGE prepares to break $0.165
On the 4-hour chart, we can see the Dogecoin price slightly rallying over the past hours before another attempt to break $0.165 is made.
Dogecoin price action has traded in a strong bearish momentum over the past weeks after a strong spike to the $0.29 mark was seen on the 25th of June. This price action development resulted from a more than 65 percent drop in June as a continuation of the several-month decline.
After Doge reached $0.29, the following retracement established support around $0.23. Above the support, DOGE/USD trades in an increasingly tighter range along a several-week descending trendline. Break lower was seen on the 7th of July, with the support retested as a resistance on the 9th of July.
This trendline continued to hold DOGE/USD from further upside over the past week and led the market towards the next significant support of around $0.165, which is yet to be broken. Currently, we can see the Dogecoin price approaching the support, with some rejection over the past hours.
This will likely lead to a slight rally later today and another strong push lower tomorrow. Once bears take over control again, we expect the $0.165 to be broken, and DOGE/USD starts its way towards the next major support of around $0.0875.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish for the weekend as bears reached the previous major swing low of $0.165 overnight, and a slight rally is seen as of now. Therefore, DOGE/USD will likely break the $0.165 overnight and move towards the next major support around 0.0875 latest his month.
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