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Dogecoin price analysis (Apr 16)

 DOGE continues to retrace, resistance found at $0.15?

  • Dogecoin price analysis is bearish today.
  • DOGE/USD rejected further upside yesterday.
  • The market is currently indecisive.

Dogecoin price analysis is bearish today as we have seen a strong advance met with rejection at the $0.15 resistance yesterday. Likely, DOGE/USD has retraced enough and now will look to continue declining along with the overall monthly trend.

Dogecoin price movement in the last 24 hours: Dogecoin forms consolidation below $0.15

DOGE/USD traded in a range of $0.1446 – $0.1493, indicating low volatility over the last 24 hours. Trading volume has declined by 48.97 percent, totaling $968.6 billion, while the total market cap trades around $19.36 billion, ranking the coin in 11th place overall.

DOGE/USD 4-hour chart: DOGE ready to reverse?

On the 4-hour chart, we can see the Dogecoin price action starting to pivot as buyers are exhausted again.

Dogecoin price analysis: DOGE continues to retrace, resistance found at $0.15?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has seen strong volatility so far in April. After a strong rally to the $0.18 mark at the beginning of April, a rapid retracement to $0.14 followed by the 7th of April.

From there, DOGE/USD consolidated and attempted to move higher twice, with the $0.1575 mark reached on the 10th of April. Another spike lower followed at the beginning of this week, leading to a clear lower low set around $0.135.

Since then, the Dogecoin price action has slowly retraced most of the previous day’s loss. Yesterday, the $0.15 mark was tested, and rejection from it was seen, indicating a potential end of the retracement. 

Therefore, we expect DOGE/USD bulls to be exhausted again. Likely more downside will be tested soon, with the $0.13 mark being the next major support.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as the market has seen rejection at $0.15 after a substantial retracement from the previous drop earlier this week. Therefore, we expect more downside to be tested soon, likely to reach further lows next week.

Disclaimer. The information provided is not trading advice. cryptohotnews.com 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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