DOGE/USD set to break below the support formed at $0.12

TL;DR Breakdown

• Dogecoin price analysis is bearish for the rest of the day.
• DOGE/USD set a higher low around $0.13 on Friday.
• Strong buying pressure was seen yesterday.

Dogecoin price analysis is bearish for the rest of the day as the market sets a higher low. Dogecoin (DOGE) price is bearish for the rest of the day after setting a higher low of around $0.13 on Friday. The market has seen strong buying pressure over the past few days, but this has not been enough to overcome selling pressure and push prices higher.

The market is currently trading below the $0.14 resistance level and looks likely to continue falling lower in the short-term. A break below the $0.13 support level could see DOGE prices falling towards the $0.12 level.

The RSI indicator is currently showing that the market is oversold, which suggests that prices may rebound in the short-term. However, the MACD indicator is still bearish and is currently showing no signs of a reversal.

Dogecoin price analysis is bearish for the rest of the day as market conditions remain bearish. Prices are likely to continue falling lower in the short-term as selling pressure remains strong. A break below the $0.13 support level could see prices falling towards the $0.12 level in the short-term.

Dogecoin price movement in the last 24 hours: DOGE needs to establish another higher low

The daily volatility of Dogecoin is currently pretty high as the price has spiked to highs around $0.14 and lows around $0.12 in the last 24 hours. The price set a higher low at $0.13 on Friday before buyers pushed it back up to highs around $0.145 during yesterday’s trading session.

The overall market sentiment is quite bullish at the moment as most of the top cryptocurrencies are in the green. However, it seems like Dogecoin’s price action is lagging behind a bit as we have not seen any major breakout yet.

The next level of resistance lies at $0.15 which is also where the 200-day moving average is currently located. Above this, further resistance lies at $0.155 and $0.16. On the downside, support is found at $0.13, $0.125, and $0.12.

The MACD on the daily time frame is bearish as the signal line is about to cross below the histogram.

DOGE/USD 4-hour chart: Lower high setup complete?

On the 4-hour chart, we can see that DOGE/USD has printed a higher high after yesterday’s candle closed as a strong bullish engulfing candle. This move higher took price action above the $0.14 resistance area and also retested the descending trend line as support before stalling around $0.145. We are now seeing some selling pressure come into the market as price action starts to move lower.

Therefore, I am expecting DOGE/USD to retrace once more later today in order to establish another higher low on the 4-hour chart. This move lower should find support around $0.1380-$0.14 area before buyers step back in and push prices higher again.

The 4-hour timeframe shows that prices have formed a bullish pennant pattern, which is typically seen as a continuation pattern. This suggests that the current uptrend is likely to continue and that prices are likely to break resistance at $0.178 in the near future. The MACD indicator is currently in the bullish zone and is rising, indicating that bullish momentum is strengthening. The RSI indicator is currently at 63.67 and is heading towards the overbought region, which could signal a possible price correction in the near future.

On the daily chart, we can see that Dogecoin price action is trading inside an ascending parallel channel. This suggests that prices are likely to continue rising in the near future as long as they remain above support at $0.12.

The MACD indicator is currently in the bullish zone and is rising, indicating that the current uptrend is likely to continue. The RSI indicator is currently at 68.85 and is heading towards the overbought region, which could signal a possible price correction in the near future.

Looking at the charts, it seems likely that DOGE/USD will continue to rise in the near future as long as prices remain above support at $0.12. A break above resistance at $0.143 could see prices surge towards $0.17. However, if prices fail to establish another higher low and break below support at $0.12, we could see prices retrace towards $0.10.

Dogecoin price analysis: Conclusion 

Today’s Dogecoin price analysis is bearish, as we’ve just seen another rejection for more upward momentum at $0.14, which was the previous high. As a result, DOGE/USD isn’t yet ready to rise further; instead, another retracement that sets a higher local low is required next week.

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