Dogecoin Price Analysis: DOGE drops another 18 percent, breaks below $0.13

TL;DR Breakdown

Dogecoin price analysis is bearish today.
DOGE/USD continued lower overnight.
Support at $0.13 broken.

Dogecoin price analysis is bearish today as we expect more downside to follow after a strong decline over the last 24 hours. Since no signs of a slowdown are seen, DOGE/USD should reach even further downside by the end of the day.

Dogecoin Price Analysis: DOGE drops another 18 percent, breaks below $0.13 1 — Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen the heavy selloff continue over the last 24 hours. The market leaders, Bitcoin and Ethereum, have lost 10.43 and 16.46 percent, respectively. Dogecoin has lost even more with over 17 percent loss.

Dogecoin price movement in the last 24 hours: Dogecoin breaks previous swing low at $0.14, continues lower

DOGE/USD traded in a range of $0.129 – $0.1543, indicating strong volatility over the last 24 hours. Trading volume has spiked by 44 percent, totaling $1.37 billion, while the total market cap trades around 17.1 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE breaks $0.13, bearish momentum still strong

On the 4-hour chart, we can see the Dogecoin continuing lower so far today as no signs of a slowdown are present.

Dogecoin Price Analysis: DOGE drops another 18 percent, breaks below $0.13 — DOGE/USD 4-hour chart. Source: TradingView

The Dogecoin price action has seen bearish momentum continue this week. After spiking to $0.215 earlier in January, a strong higher high was set. However, strong rejection reversed DOGE/USD late last week in a major way.

Since then, the market has steadily retraced to $0.16, where some signs of support were seen. Despite that, a strong push lower resumed on the 20th of January, leading to $0.15.

After a slight pause, the Dogecoin price continued even lower, dropping below previous major support at $0.14 overnight. Since then, DOGE/USD has continued even lower with no signs of slowdown for now.

Dogecoin Price Analysis: Conclusion

Dogecoin price analysis is bearish today as we have seen no signs of slowing down over the last 24 hours. Therefore, we assume DOGE/USD will continue even lower later today and reach $0.12 next target soon.

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

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.

Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2022-01-22/