DOGE/USD bearish for the next 24 hours

TL;DR Breakdown

• Dogecoin price analysis is bearish today.
• DOGE/USD saw further retracement overnight.
• Dogecoin is trading at $0.1584.

Currently, Dogecoin price analysis is bearish as we anticipate additional downside to follow later today as market players are eager to test the $0.166 support once more. Later in the week, DOGE/USD could reverse course. The Ichimoku indicator forecasts this.

Dogecoin price analysis shows that it dropped initially to $0.166 support again, where it found resistance for a second time since Dogecoin’s rise. DOGE/USD then came off the support only to be rejected at around $0.170 once more. From here, DOGE/USD has been trending lower and reached a low of $0.1584 yesterday morning.

Dogecoin’s price analysis shows that it is trading below the Ichimoku cloud, indicating a bearish trend today. The support lies at around $0.166 once more, where we anticipate a bounce to follow. A break below this level could see DOGE/USD dropping a little lower towards $0.155 support, still minor support in the grand scheme of things. For now, though, an additional downside is likely before we see anything different.

If Dogecoin price analysis moves back above the Ichimoku cloud, a trend reversal could indicate. If DOGE/USD moves above the Kumo, it would need to hold at around $0.170 for some time before any further move higher can be made. A break above here opens up another resistance level near $0.188, where the 100-hourly SMA lies, as shown on the 4-hour chart below.

Dogecoin is now trading at around $0.1584 when writing this article. Dogecoin price analysis shows that it experienced another downside move since our last update. However, there was no further movement lower overnight, with DOGE/USD finding support again around the $0.16 level. This is around the 38.2% retracement level for this week’s gains, so it would be expected that Dogecoin price analysis could see a bounce from here to follow in the next few hours.

DOGE/USD 4-hour chart: DOGE headed for another test of previous lows?

We can also observe a small reaction higher for the Dogecoin price this morning on the 4-hour chart, with another local high set in recent hours, suggesting another drop later today.

Dogecoin’s price action has been contained in recent days. The market fell by more than 13 percent previously, with support at $0.166.

Since then, the DOGE/USD pair has traded sideways, establishing a consolidation prior to a potential recovery. For now, there is no clear indication of reversal, implying that we anticipate further sideways movement.

Dogecoin’s price is likely to revisit the $0.166 support before another rally to the local resistance at $0.175. If the resistance is broken, DOGE/USD could see significant extra gains in the following days.

Dogecoin Price Analysis: Conclusion 

The Dogecoin price is bearish today, as we expect further declines to follow after a modest reaction higher overnight. The $0.166 mark will be the next level to test for DOGE/USD, determining where the market goes from here.

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