DOGE/USD to dip further today

TL;DR Breakdown

• Dogecoin price analysis is bearish.
• DOGE/USD pair trades negatively today.
• Dogeusd is currently trading at $0.1442.

Dogecoin price analysis is currently trading at $0.1444, a decrease of 0.07% from yesterday’s price of $0.1535. This emphasizes the bearish trend of the DOGE/USD pair, a continuation of which can be expected today as well after a minor pullback to test support around the 38.2% Fibonacci retracement level. If this support breaks, we can expect further dip towards the 50% Fibonacci retracement level, where strong support is anticipated in line with historical trade notes.

As far as recovery goes, it seems unlikely to expect a major recovery anytime soon since the 100 day EMA resistance at $0.1722 is also in proximity, further adding to price struggles for DOGE/USD pair.

Source: Coin360

Generally, the cryptocurrency is trading in a bearish trend. The largest digital asset is downtrend after recording slight price hikes in the early trading hours. The second-largest digital asset is down by 5 percent. The meme coin is also in the hands of mighty sellers and has seen a 2 percent price dip in the last 24 hours.

Dogecoin price movement in the last 24 hours: DOGE/USD pair slightly bullish

A higher low can be seen at ~$0.15 levels signaling further strength is to be expected from DOGE/USD pair as it climbs further towards $0.18 levels, where it could retrace or even test the previous support level near $0.166 before continuing its ascending path upwards toward $0.25+ high reached back in December.

DOGE/USD 1-day price analysis chart Source: Tradingview

The current price action is also accompanied by a rise in the trading volume, which soared fourfold as Dogecoin reached $0.16 levels and has now settled to around $0.15 levels; we do anticipate this upward movement to continue further as more traders shift from accumulating to selling their coins for gain rather than just measured moves. However, considering that most investors are still optimistic about crypto-currencies value proposition and the possible profits that could be made from hedging/not being fooled by pump & dump schemes from altcoins, it doesn’t mean that there’s no risk involved.

DOGE/USD 4-hour price analysis chart: Technicals are bullish on DOGE

DOGE/USD 4-hour chart. Source: TradingView

The RSI indicator supports an upward movement to $0.17 levels while the volume held on the bullish trend-line support (bullish breakout) is high. The RSI Oscillator is around 50 levels, so there’s no divergence yet, which could signal a possible consolidation or even correction.

Still, DOGE/USD pair has put forth its best efforts to gain momentum and strength, so it can be said that this move might not stop at $0.15 levels; further will become only more likely should the market break above short term resistance at $0.1660 which may then lead up to upper trend line resistance near $ 0.1750 before continuing towards highs of $0.20+.

The red candlesticks have outnumbered the green candlesticks on the four price charts, meaning that the market is under the bears. We expect the bearish trend to prevail for the rest of the day, not only if the bulls will gather in large numbers to reverse the bearish trend.

Dogecoin Price Analysis: Conclusion

Dogecoin price analysis is in a negative trend, and it is expected to continue in that direction for a few more weeks. However, the current price of about $0.14 is a good buying opportunity with strong support at $0.11 and a resistance level around $0.16.

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.