Dogecoin Price Analysis: DOGE continues to retrace, targets $0.175 support next?

TL;DR Breakdown

Dogecoin price analysis is bearish today.
DOGE/USD broke past the previous low overnight.
Closest support at $0.175.

Dogecoin price analysis is bearish today as we expect more downside to follow over the next 24 hours. Since another lower local low was reached, DOGE/USD should move to $0.0175 resistance next.

Dogecoin Price Analysis: DOGE continues to retrace, targets $0.175 support next? 1 — Cryptocurrency heat map. Source: Coin360

The market has traded with mixed results over the last 24 hours. The market leader, Bitcoin, has lost 0.32 percent, while Ethereum 0.61 percent. Meanwhile, Dogecoin (DOGE) is among the worst performers, with a loss of almost 6 percent.

Dogecoin price movement in the last 24 hours: Dogecoin continues to retrace, moves below $0.18

DOGE/USD traded in a range of $0.1799 – $0.1909, indicating substantial volatility over the last 24 hours. Trading volume has declined by 63.72 percent, totaling $1.19 billion. Meanwhile, the total market cap trades around $24 billion, ranking the coin in 14th place overall.

DOGE/USD 4-hour chart:

On the 4-hour chart,

Dogecoin Price Analysis: DOGE continues to retrace, targets $0.175 support next? — DOGE/USD 4-hour chart. Source: TradingView

The Dogecoin price action has seen sharp advance earlier this week. DOGE/USD broke past previous highs until a massive spike on the 14th of January established a new major swing high at $0.215.

However, from there, DOGE saw strong rejection lower immediately. Consolidation was formed around $0.18 on the 16th of January, with a brief test of upside to $0.195.

Selling resumed yesterday, leading to even further retracement overnight. Therefore, we expect more downside today. Likely the Dogecoin price action will move to break the $0.175 next support as bears look for a much deeper retracement after a massive rally earlier.

Dogecoin Price Analysis: Conclusion

Dogecoin price analysis is bearish today as we have seen more downside tested overnight. Likely, DOGE/USD will move towards the $0.175 mark next as selling pressure is still strong.

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

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Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2022-01-16/