Dogecoin Price Analysis: DOGE Still Consolidating Below $ 0.175, Breakout Not Ready Yet?

TL; DR Breakdown

Dogecoin price analysis is bearish today. DOGE / USD continued to consolidate below $ 0.175. Another lower decline is likely to follow.

Dogecoin price analysis is bearish today as we saw resistance at $ 0.175 holding the market for the past 24 hours. DOGE / USD is likely to react lower once again to set another higher low below.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen a return of bullish momentum in the last 24 hours. Market leader Bitcoin gained 1.11 percent, while Ethereum gained 1.48 percent. Dogecoin (DOGE) performed even better with a 3.72 percent gain.

Dogecoin price movement in the last 24 hours: Dogecoin still holding below $ 0.175

DOGE / USD traded in a range of $ 0.171 – $ 0.1734, indicating low volatility over the last 24 hours. The volume of operations has decreased by 34.77 percent, totaling $ 346.5 million. Meanwhile, the total market capitalization is trading around $ 22.95 billion, putting the coin 12th overall.

DOGE / USD 4-hour chart: DOGE preparing to slide down again?

On the 4-hour chart, we can see that Dogecoin price still respects the $ 0.175 resistance, likely leading to another set lower later today.

DOGE / USD 4-hour chart. Source: TradingView

Dogecoin price action has seen a sharp reversal this week. After previously reaching $ 0.195 on December 24, subsequent attempts to hit new highs were unsuccessful.

A lower high was eventually set on December 27, leading to an immediate sell-off. DOGE / USD quickly lost 14 percent until support was found at $ 0.165.

Since then, we have seen Dogecoin price consolidate below the $ 0.175 resistance and the $ 0.165 support. During the last 24 hours, DOGE / USD traded near resistance, but failed to achieve any additional advantage. Therefore, we expect another drop later today to set another higher low.

Dogecoin price analysis: conclusion

Dogecoin price analysis is bearish today as the $ 0.175 resistance has prevented further hikes in the past 24 hours. DOGE / USD is likely to head to set another higher low before resistance is tested again.

While you wait for Dogecoin to make further progress, check out our articles on Crypto Tax Loss Collection, BTC-Backed Mortgage Services, and Pi Wallet.

Disclaimer. The information provided is not commercial advice. Cryptopolitan.com assumes no responsibility for investments made based on the information provided on this page. We highly recommend independent research and / or consultation with a qualified professional before making any investment decision.

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Dogecoin Price Analysis: DOGE Still Consolidating Below $ 0.175, Breakout Not Ready Yet?

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