Traders have refused to buy the dip as Dogecoin turns bearish. Instead, they have chosen to sell the rallies. The value of DOGE dropped over the night, with its closest support now at $0.175. The meme coin is expected to drop over the next 24 hours. The crypto market is generally bearish, with Bitcoin on a support level at $42,600 while Ethereum is below the $3,300 level.
Dogecoin had reached $0.1909 but had since dropped to $0.17. Major cryptocurrencies like Bitcoin and Ethereum have declined 0.32 percent and 0.61 percent in the last 24 hours, respectively. On the other hand, DOGE suffered the worst loss, with a drop of about 5%. Dogecoin is still trading below $0.18.
Dogecoin Price Analysis
The cryptocurrency has traded between $0.1799 and $0.1909 in the previous 24 hours, indicating substantial volatility. The current trading volume is $923,397,54, down 19.71 percent over the last 24 hours. The overall market cap has declined 5.28 percent from $24 billion to $22 billion, putting it in 11th place on coinmarketcap.
Bears are looking for an even deeper retracement following a major rally sell-out. The price of Dogecoin is on the nearest support level of $0.175. At the time of writing, the price of Dogecoin indicates negative, as an additional drop in value may occur overnight. As long as price movement stays strong, Dogecoin will trade at $0.175 soon.
To test the resistance level, Dogecoin must advance higher, and it is also critical that Doge establishes a higher low within the region of $0.15 to $0.166. To grow in importance, Dogecoin must retain a high level of support. Instead of selling rallies, traders should have bought the dip to maintain bullish momentum.
Dogecoin Moves Towards The Next Support Level
Dogecoin could not hold the $0.1750 support level and fell to the nearest support level of $0.17. If Dogecoin falls below $0.17 to $0.1650, it will lose value. The following support level will be $0.16, but if Dogecoin’s value declines, it will move to $0.1550 as the next support level.
Except that it has reached the resistance level of $0.1810, Dogecoin isn’t ripe for more momentum. Dogecoin had fallen below its prior resistance level of $0.1750, and if it rises back to $0.1810, it might be priced higher.