Dogecoin price analysis: Dogecoin retests $0.165 with another sharp move lower

TL;DR Breakdown

• DOGE retraced to the $0.21 mark overnight.
• Overall price action sentiment is still bearish.
• Rejection for further downside seen again.

Dogecoin price analysis is bullish for the next 24 hours as the $0.165 mark was retested over the past hours and DOGE/USD prepares to spike higher once again. Therefore, we can expect Doge to move to the $0.25 mark later this week.

The overall market trades with a substantial loss over the past 24 hours. Bitcoin has regained some of the loss seen yesterday and trades around a 1 percent gain. Ethereum also trades relatively flat with a -1 percent loss. Meanwhile, Dogecoin has lost almost 6 percent and is among the worst performers from the major altcoins.

Dogecoin price movement in the last 24 hours

DOGE/USD traded with a total volume of $7.34 billion, which is up by 64.88 percent. The total market capitalization stands around $25.1 billion, ranking the cryptocurrency in 8th place overall.

DOGE/USD 4-hour chart – DOGE retests $0.165

On the 4-hour chart, we can see that the Dogecoin price spiked lower over the past hours after finding some resistance at $0.21 overnight.

The overall market price action over the past weeks has been very bearish. After Dogecoin retraced from the $0.73 high, support was found at the $0.21 mark. From there, DOGE/USD formed a consolidation in an increasingly tighter range until a sharp spike higher was made at the end of May.

From there, DOGE started to retrace again, with a higher low set around $0.30 first, indicating a potential reversal over the next few days. However, the $0.33-$0.35 mark held the price action from further upside, resulting in a move lower again on the 20th of June.

Yesterday, DOGE/USD moved lower with an increasing momentum until the $0.165 mark. After a brief retest of $0.21, Dogecoin reversed earlier today and spiked to the $0.165 support again. Therefore, we can assume that the market will start to regain some of the loss seen over the last days and look to retest the $0.25 mark next.

Once the $0.25 level is reached, much depends on further Dogecoin price action development. If the following retracement sets a higher low, we can expect DOGE/USD to start trending higher over the following weeks. Alternatively, DOGE will move past the $0.165 mark and head towards the next support at $0.145.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bullish as the market retested the $0.165 over the past hours and currently prepares to push higher. This should lead DOGE/USD back above the $0.21 mark and retest the next resistance at $0.25.

While waiting for the Dogecoin price to move higher, read our articles on what is DeFi, Bitcoin fees, what can you buy with Bitcoin?

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Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2021-06-22/