Dogecoin Price Analysis: DOGE continues to retrace, reaches $0.16 major support level

TL;DR Breakdown

• Dogecoin price analysis is bearish today.
• DOGE/USD continued lower overnight.
• Next support at $0.16 is currently tested.

Dogecoin price analysis is bearish today as we expect more downside to follow after a steady decline over the last 24 hours. Therefore, DOGE/USD will likely break the $0.16 support next and break even lower.

The crypto market has steadily declined over the last 24 hours. The market leader, Bitcoin, has gained 0.85 percent, while Ethereum has lost 1.2 percent. Meanwhile, Dogecoin (DOGE) trades with a small loss of 1.1 percent.

Dogecoin price movement in the last 24 hours: Dogecoin tests next support at $0.16

DOGE/USD traded in a range of $0.1601 – $0.1686, indicating mild volatility over the last 24 hours. Trading volume has declined by 12.37 percent, totaling $1 billion. Meanwhile, the total market cap trades around $21.8 billion, ranking the coin in 11th place overall.

DOGE/USD 4-hour chart: DOGE ready to break lower?

On the 4-hour chart, we can see the Dogecoin price bouncing from $0.16 earlier today, however, as long as the market structure remains unchanged, we expect further downside being reached soon.

Dogecoin price has seen a strong advance last week leading to a very strong higher high set at $0.215 on the 14th of January. Further upside was quickly rejected as DOGE/USD was pushed down below $0.20 shortly after.

Since then, bears have steadily retraced previous gains, leading to a 25 percent loss so far. Currently, no signs of reversal as seen, meaning we expect DOGE to move even lower over the next days.

The next support is located at $0.15 and could be the reversal point, where a higher low is set. However, bears are likely becoming exhausted once again after such a long retrace, and we could see reversal much sooner.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish today as we saw more downside reached over the last 24 hours. DOGE/USD will likely continue even lower once another test of $0.16 support is made.

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