Although the past week has been tumultuous for Dogecoin, its price is now expected to reverse in the coming days. The cryptocurrency is a favorite of investors who can take comfort in its recent price rally.
With Dogecoin (DOGE) currently trading at $0.26, it is on track to gain back the previous week’s loss. A new all-time low could be in the cards, as the market has been trading in a range for the past 30 days. The current resistance level, just above $0.31, is the next major obstacle for DOGE, and if it can clear this level, the next major resistance level will be $0.31. However, if this level is reached, the price may struggle to break above $0.31, and the market may instead follow a bearish trend until it reaches the next major resistance level.
As we have seen over the past two weeks, the Dogecoin turned bearish, which led to a sharp correction. Now, the price is back in the $0.28-$0.29 area, and is poised to break through the resistance level at $0.29, which could lead to a sharp reversal in the next four to five days.. Read more about dogecoin news and let us know what you think.
- DOGE has increased by more than 40% since Friday.
- Around $0.28, further upside was denied.
- Early next week, the DOGE/USD pair is expected to retrace.
Dogecoin price research suggests that negative momentum will prevail in the next days, as additional upside has been denied overnight after a more than 40% rise since Friday. As a result, we anticipate a retracement and a retest of prior significant barrier around $0.23 as support next week.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the cryptocurrency market has been in the green. Bitcoin, the market leader, is up 4.3 percent, while Ethereum is up 2.46 percent. Meanwhile, Dogecoin (DOGE) is up 20% today, making it one among the top performers.
The price of Dogecoin has risen to $0.28 in the past 24 hours.
DOGE/USD moved in a $0.2222 – $0.2814 range during the past 24 hours, suggesting high volatility. The trading volume has increased by 191% to $8.9 billion. Meanwhile, the entire market value of the cryptocurrency is approximately $34.8 billion, putting it in seventh position worldwide.
DOGE/USD 4-hour chart: Is DOGE about to retrace?
On the 4-hour chart, the Dogecoin price action is rejecting additional higher, indicating an early next week reversal.
4-hour chart of the DOGE/USD currency pair. TradingView is the source of this information.
After a week of stabilization in an increasingly narrow range, Dogecoin price action has continued to rise over the weekend. On the 26th of July, the previous swing high was set at $0.23, suggesting that bulls are regaining control of the market.
Bulls have lost strength, and we may witness another big wave to the downside in the next days, according to the consolidation established earlier this week above the $0.20 level. On Friday, however, DOGE/USD began to quickly rise and broke above the previous high of approximately $0.23.
After that, there was another overnight rise to the $0.28 level, when upward rejection was observed. This Dogecoin price movement suggests that bulls are now tired, and that a pullback is required before additional gains can be achieved.
As a result, early next week, we anticipate DOGE/USD to begin retracing and test the prior barrier of $0.23 as support. DOGE is expected to resume its rise from the $0.23 level, with the goal of eventually breaking over the next significant resistance level at $0.29.
Conclusion of the Dogecoin Price Analysis
As additional upward was strongly denied overnight at the $0.28 level, Dogecoin price research predicts bearish action in the next days. As a result, we anticipate a retracement early next week, with the pair attempting to retest the $0.23 prior barrier level as support.
Read our articles on Bitcoin Futures, Physical Bitcoin, and Proof of Stake versus Proof of Work while you wait for Litecoin to go forward.
Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.
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