Dogecoin prices have been consolidating since reaching a high of $0.265 on April 17. Price has come down somewhat since then, but the price remains above the descending trend line. Another test of the lower trend line might be in order to see if we can break the trend and start to rise again.
Dogecoin has seen a significant price spike this week, and if the coin’s recent performance is anything to go by, we could be looking at a small price correction next week. The price is up by around 10% this week, and if it keeps going like this, it could be in for a minor pullback. The price is up by around 10% this week, and if it keeps going like this, it could be in for a minor pullback.
If there’s one thing we’ve learned from the Dogecoin price chart this year, it’s that it’s impossible to predict when a spike in price is coming. The coin traded in a sideways range for the past few months, despite a few small price increases. But, today, Dogecoin reached new highs of $0.33, and it seems that the coin is ready to continue its upward movement.. Read more about dogecoin analysis and let us know what you think.TL;DR Breakdown
- DOGE retests $0.30 support for the third time.
- Market bearish overnight.
- Next resistance at $0.35.
Dogecoin price analysis is bullish for the next 24 hours as a significant retracement was seen over the past days. Therefore, unless the $0.30 support breaks, we can expect DOGE/USD to break higher over the next 24 hours.
DOGE/USD 15-minute chart. Source: TradingView
The several week Dogecoin price action structure is still bearish after the market retraced 70 percent from the $0.73 swing high. After an initial push lower to the $0.35 mark, DOGE/USD retraced some of the loss and quickly spiked even lower to $0.21. There a sharp rejection for further downside indicated that bears are exhausted and we can expect DOGE/USD to start reversing.
At the end of May, DOGE/USD traded in an increasingly tighter range with both higher lows and lower highs until a sharp spike higher was seen on the first of June. Dogecoin quickly gained 55 percent and set a higher high at $0.44, sending a strong signal that the market is ready to push higher over the next weeks.
However, most of the gain was retracted over the last two week, with the $0.30 support retested twice already. Over the last days the Dogecoin price action traded in a very narrow range with local high established around $0.34 price point. From there, DOGE moved lower again yesterday and moved below the $0.32 overnight.
This price action development has resulted in a retest of the $0.30 mark again. Currently bears are still in control, meaning that we should wait for further price action development before considering a trade decision.
Therefore, the best option would be to wait for the market to reverse and set a higher high above the $0.34 mark. This would mean that bulls have regained some momentum and we could expect further upside over the following weeks.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bullish for the upcoming 24 hours as the market has approached the $0.30 support once again. Unless the support is invalidated we should see DOGE/USD reverse to the upside by tomorrow and attempt to reach the previous lower swing high at $0.34.
While waiting for Dogecoin to reverse, see our latest articles on cashing out Bitcoin, buying Bitcoin stock, as well as how to trade Bitcoin.
Disclaimer. The information provided is not trading advice. .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.The Dogecoin price index has not been the most exciting of charts as the future of digital currencies have been all over the news lately. There has been a lot of speculation about what the future holds for the Dogecoin price, and a lot of it has been about what’s going on in China.. Read more about dogecoin reddit and let us know what you think.
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