Dogecoin Price Analysis: DOGE slowly trades around $0.19, prepares for another wave lower?

TL;DR Breakdown

• DOGE moved sideways yesterday.
• Further upside rejected earlier today.
• DOGE/USD targets  $0.15 next.

Dogecoin price analysis indicates bearish momentum to follow over the next 24 hours as further upside was rejected. Therefore, we expect DOGE/USD to start declining over the weekend as bears target the $0.15 mark next.

The cryptocurrency market trades with a slight loss over the last 24 hours as bears are slowly taking over the momentum. Bitcoin trades with almost a 0.2 percent loss, while Ethereum is still up around 1.3 percent. The rest of the top altcoins have already declined by 2-3 percent.

Dogecoin price movement in the last 24 hours: Dogecoin moves sideways around $0.19

DOGE/USD traded in a range of $0.1898 – $0.1995, indicating low volatility over the last 24 hours. Trading volume has rapidly declined by 67.34 percent and totals $1.3 billion. Meanwhile, the total market capitalization stands around $25 billion, ranking the cryptocurrency in 8th place overall.

DOGE/USD 4-hour chart: DOGE ready for further lows?

On the 4-hour chart, we can see the Dogecoin price establishing a base from which to push lower over the weekend.

Dogecoin price action continues to trade with a strong bearish momentum over the past weeks. After a sharp rally to the $0.29 mark, DOGE/USD failed to set further highs at the end of June and has since slowly moved lower.

On the 20th of July, DOGE retested the $0.165 support, with a sharp rejection seen over the following 24 hours. Eventually, the Dogecoin price spiked above $0.20 resistance and set a higher high around $0.215. 

From there, DOGE/USD started to consolidate yesterday around the $0.19 mark, indicating that bears are building up momentum to push lower over the weekend. Therefore, we expect DOGE/USD to start declining over the next 24 hours as bears target the $0.15 mark next.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis indicates bearish momentum to follow over the weekend as further upside was rejected over the last 24 hours. Currently, DOGE/USD has established a clear consolidation area, leading to a rapid decline later this week, with bears targeting the $0.15 next major support next. 

While waiting for Dogecoin to decline, read our guide on Bitcoin fees, as well as what can you do with Bitcoin and DeFi advantages.

Disclaimer. The information provided is not trading advice. Cryptopolitan.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.

Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2021-07-23/