TL;DR Breakdown
- DOGE continued to consolidate around $0.24.
- Bears prepare another push lower.
- Support around $0.165 targeted next.
Dogecoin price analysis is bearish for the upcoming hours as the market continued to consolidate in an increasingly tighter range over the past few days. Therefore, we can expect DOGE/USD to spike lower over the weekend and push towards the previous support at $0.165 to continue moving along the overall bearish market direction.
The overall market trades in the green over the last 24 hours. Bitcoin has increased by 2 percent while Ethereum 3.8 percent. The rest of the market follows this pattern of slightly bullish price action development.
Dogecoin price movement in the last 24 hours
DOGE/USD traded in a range of $0.2434 – $0.2526, indicating a moderate amount of volatility. Trading volume has remained flat at around $973.7 billion, while the total market capitalization stands at around $32.3 billion.
DOGE/USD 4-hour chart – DOGE prepares to push lower?
On the 4-hour chart, we can see the Dogecoin price action still consolidating in preparation for further downside.
The overall market trades with a strong bearish pressure over the past weeks that resulted in a significantly lower low set on the 22nd of June. From there, DOGE/USD rallied to the $0.29 mark which previously served as a strong resistance.
Over the past days, Dogecoin traded in an increasingly tighter range with several lower highs set along the 100 period moving average, indicating that bears are building up pressure from which to move lower.
Currently, DOGE/USD trades close to the moving average again with no signs of a break higher right now. This Dogecoin price action development could lead DOGE/USD towards a lot more downside over the next days as bears want to push the market even lower and retest the $0.165 support again.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish for the upcoming days as the market continues to build momentum in an increasingly tighter range around the $0.24 mark. Considering the overall bearish price structure, we can expect DOGE/USD to spike lower next week and continue moving lower along the overall trend.
While waiting for Dogecoin to move lower again, read our articles on DeFi, Bitcoin fees, and what you can buy with Bitcoin.
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.
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Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2021-07-04/
