Dogecoin Price Analysis: DOGE attempts to break the $0.20 resistance, set to break lower today?
After making a number of crucial announcements, Dogecoin’s price has gathered a lot of momentum for the past few weeks. However, despite all the bullishness, it now looks like the uptrend may be drawing to an end. With the BTC price already dipping lower, it is only a matter of time until the dogecoin price follows.
A recent push higher in dogecoin price has gone unnoticed by many, including myself. A major factor in the recent upswing in dogecoin price has been the integration of the coin with the online bill pay system, coinbase.com. Where dogecoin succeeded in integration was in the community, as it grew to almost 100,000 users within a week of integrating with coinbase.com.
DOGE/USD recently broke the $0.20 resistance and is continuing to move sideways against the USD dollar. DOGE/BTC is also in a downtrend today with our first target back at $0.1450 and then a second target at $0.08300.. Read more about dogecoin news and let us know what you think.
DOGE is still trading below the $0.20 resistance level.
DOGE/USD has resisted further gains.
Another drop is expected in the market.
The price of Dogecoin is indicating that bearish momentum is gaining traction, as further upside is still being rejected around the $0.20 resistance level. As a result, we anticipate DOGE/USD to go after the $0.165 support and attempt to make new lows.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the last 24 hours, the cryptocurrency market has been in the green. Bitcoin has increased by more than 6%, while Ethereum has increased by 7.85 percent. The remainder of the major cryptocurrencies have similar findings, which are somewhat bearish.
In the last 24 hours, Dogecoin’s price has remained stable at $0.20.
Over the last 24 hours, DOGE/USD has traded in a range of $0.184 to $0.1989, indicating mild volatility. The cryptocurrency’s trading volume has risen by 15.93 percent to $1.47 billion, with a total market value of $25.85 billion, putting it in eighth position worldwide.
DOGE/USD 4-hour chart: Will DOGE break over $0.20?
The Dogecoin price is presently heading towards the $0.20 barrier on the 4-hour chart, as bulls attempt to eventually break the $0.20 obstacle.
4-hour chart of the DOGE/USD currency pair. TradingView is the source of this information.
Over the last several weeks, the price of Dogecoin has been moving in a strong negative trend. DOGE/USD began to retrace after the previous swing high was set around $0.29, and has since lost around 45 percent to the $0.165 support.
On Tuesday, the market exploded higher, breaking over the $0.20 barrier and setting a little higher high at $0.215. As a result, we may witness the first indications of a reversal once again. Dogecoin then retraced down below the $0.20 barrier level before moving sideways.
Dogecoin’s current upward trend may lead to another higher high in the next 24 hours. However, given past rejections for additional upside, we may anticipate DOGE/USD to reject further gain later today and begin trading down below $0.165, the last support level. As a result, further price action development is required before a more precise price forecast for the following several days can be produced.
Conclusion of the Dogecoin Price Analysis
Bearish momentum is expected to take over later today, according to Dogecoin price research, as another attempt at breaching the $0.20 barrier is now underway. Based on recent price behavior, we can predict that DOGE/USD will not rise any more and will continue to fall over the next several days.
Read our tutorials on Bitcoin fees, what you can purchase with Bitcoin, and DeFi benefits while you wait for Dogecoin to reject $0.20 resistance again.
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On February 5th, dogecoin had a sharp increase in price from $0.0030 to $0.0053, with a relatively quick decline to $0.0033. the price action is focused on a moving average crossover trend line (MAc) that is not yet tested. if DOGE can break the $0.20 resistance level, I expect it to further rise towards $0.30.. Read more about dogecoin technical analysis today and let us know what you think.
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