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Dogecoin price analysis: DOGE still consolidates, spike below $0.23 overnight?

After dropping to a low of $0.20 shortly after the coin’s initial boom, Dogecoin has been consolidating between the $0.20 and $0.25 range for a while now. The price today has dipped below $0.23 to the point of consolidation, but it looks like it may be bringing in another leg up to the low $0.26 in the near future.

In recent days, Dogecoin has been consolidating, showing a tendency to consolidate between $0.23 and $0.25. Yesterday, DOGE reached $0.23 for the first time since January, and this morning the currency has consolidated around the same level. This has led to the first Dogecoin short squeeze in 2018. However, DOGE’s short squeeze could be short-lived, as the currency is bound to consolidate above $0.26 if the recent bounce continues.

Summary of the situation

  • The DOGE continued to consolidate overnight.
  • The $0.23 support is still in place.
  • The bears continue to prepare to push the DOGE/USD lower.

The Dogecoin price analysis for today is bearish, as the market has continued to consolidate in an increasingly narrow range over the past 24 hours. As a result, the DOGE/USD exchange rate is expected to break lower overnight and rush towards the previous key support level around $0.165.

4 hours chart of DOGE/USD. Source: TradingView

Overall, the market has shown a strong downward trend in recent weeks, peaking at $0.44. A decline of over 60% to $0.165 followed, where a strong rejection of further declines was seen.

At the beginning of the week, the DOGE/USD price rose and retested the previous key support around $0.29 as resistance. Dogecoin then went lower, setting several lower highs with the $0.23 level as support.

This price trend has led to an increasingly narrow range for Dogecoin. Looking at the price action over the past 24 hours, this suggests that a breakout is imminent. The DOGE/USD pair is likely to break lower and look for another decline. However, if the blue line of the 100-period moving average does not act as resistance, we can expect a quick rebound to the $0.29 level.

Dogecoin Price Analysis: Supplement

Dogecoin price analysis over the past 24 hours is bearish, as the market continues to set lower highs and establish consolidation above the $0.23 level. This development in the DOGE/USD market is likely to lead to a downward move over the next 24 hours, with the bears expected to test previous support around $0.165.

While we wait for Dogecoin to fall, check out our guides on the benefits of DeFi, bitcoin commissions and what to buy with bitcoin.

Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.

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