Dogecoin Price Analysis: DOGE slowly continues to retrace, reversal near $0.166?

TL;DR Breakdown

• Dogecoin price analysis is bearish today.
• DOGE/USD saw further retracement overnight.
• Closest support at $0.166 was tested again.

Dogecoin price analysis is bearish today as we expect more downside to follow later today as bears are eager to test the $0.166 support again. From there, DOGE/USD could see reversal later in the week. 

The overall market has slowly turned bearish over the last 24 hours. The market leader, Bitcoin trades with just a 0.07 percent gain, while Ethereum has lost 0.37 percent. Dogecoin (DOGE) is among the worst performers, with a loss of 5.69 percent.

Dogecoin price movement in the last 24 hours: Dogecoin retraces to previous lows

DOGE/USD traded in a range of $0.1681 – $0.1723, indicating substantial volatility over the last 24 hours. Trading volume has declined by 4.5 percent, totaling $503.3 million. Meanwhile, the total market cap trades around $22.6 billion, ranking the coin in 12th place overall.

DOGE/USD 4-hour chart: DOGE headed for another test of previous lows?

On the 4-hour chart, we can see a slight reaction higher for the Dogecoin price action this morning, with another local high set over the past hours, likely leading to another push lower later today.

Dogecoin price action has formed consolidation over the past days. Previously the market declined by over 13 percent, with support found at $0.166.

Since then, DOGE/USD has traded sideways, forming a consolidation from which to reverse the loss seen last week. For now, there is still no clear indication of reversal, meaning that we expect further sideways action.

Likely the Dogecoin price will retest the $0.166 support before another rally to the local resistance at $0.175. If the resistance is broken, DOGE/USD could see a lot more upside over the following days.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish today as we expect more downside to follow after a slight reaction higher overnight. DOGE/USD will likely test the $0.166 mark, which will determine where the market is headed next.

While waiting for Dogecoin to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.