Dogecoin price analysis: DOGE recedes 6 percent but keeps $0.16 resistance in touch

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TL;DR Breakdown

  • Dogecoin price declined 6 percent on the day to move as low as $0.1395
  • The retracement could encourage buyers to break towards $0.16 resistance
  • Trading volume fell more than 22 percent over 24 hours

Dogecoin price analysis for the day shows mixed signals as price receded almost 6 percent, which also enabled the likelihood of a turnaround towards the resistance level at $0.16. Price declined as low as $0.1395 with trading volume decreasing more than 22 percent. If price can sustain above current trend at $0.14, a weekly high of $0.16 could be in line for DOGE before profit taking action comes into play. A close above $0.16 by the end of the week could also possibly allow the uptrend to continue up to $0.19.

The larger cryptocurrency market continued to bleed over the past 24 hours, as Bitcoin receded another 5 percent to sit just above $36,000. Ethereum declined 6 percent down to $2,400, while Altcoins also struggled. Cardano declined 6 percent to sit at $1.02, Ripple 5 percent at $0.6, and Terra declined a significant 9 percent to move to $57.91.

Dogecoin price analysis: DOGE recedes 6 percent but keeps $0.16 resistance in touch 1
Dogecoin price analysis: Cryptocurrency heat map. Source: Coin360

DOGE/USD 24-hour chart: RSI on the up shows increasing valuation despite price decline

On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen largely continuing the decline that initiated on January 16. However, the price action since January 22 presents a stagnated market view for DOGE as a rectangular pattern appears on the chart. Over yesterday’s trade, similar to the day before, buyers rescued price late in the day to close above the starting price. Over the past 24 hours, buyers have been unable to place a mark on the price action as price sits below the 25-day exponential moving average (EMA) at $0.1455.

That being said, the relative strength index (RSI) value can be seen gradually increasing, presenting an encouraging market valuation at 39.14. Over the next 24 hours, buyers are expected to pick up momentum and push price towards the first resistance point at $0.16.

Dogecoin price analysis: DOGE recedes 6 percent but keeps $0.16 resistance in touch 2
Dogecoin price analysis: 24-hour chart. Source: Trading View

DOGE/USD 4-hour chart: Americas trading session expected to boost buying volume

The 4-hour chart for Dogecoin price analysis shows price declining during the ASIA PAC session of trade. Price lowered down to $13.95 with trading volume also falling. The European trade session attempted to cut short losses, as price made ground towards the 4-hour EMA at $0.1429. Now, the US session is expected to push price upwards and increase buying volume and demand. To support the next trading sessions, the 4-hour RSI value shows encouraging market valuation for DOGE at 48.07. Price is expected to break the $0.16 resistance over the next short-term trading sessions.

With price action largely appearing to be bullish, a downward reboot could take price below current support at $0.1360 and trigger further sell offs. The next support in that scenario would sit at $0.09.

Dogecoin price analysis: DOGE recedes 6 percent but keeps $0.16 resistance in touch 3
Dogecoin price analysis: 4-hour chart. Source: Trading View

Disclaimer. The information provided is not trading advice. 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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