Investors Raise Alarm As Dogecoin Retraces Slowly To $0.166
Elon Musk backed coin, DOGE has noticed a significant drop, to a range of $0.1681 – $0.1723, indicating substantial volatility over the last 24 hours.
Trading volume has declined by 4.5 percent, totaling $503.3 million. Meanwhile, the total market cap trades around $22.6 billion, ranking the coin in 12th place overall.
Dogecoin price action has formed consolidation over the past days. Previously the market declined by over 13 percent, with support found at $0.166.
Since then, DOGE/USD has traded sideways, forming a consolidation from which to reverse the loss seen last week.
For now, there is still no clear indication of reversal, meaning that we expect further sideways action.
Likely the Dogecoin price will retest the $0.166 support before another rally to the local resistance at $0.175. If the resistance is broken, DOGE/USD could see a lot more upside over the following days.
Dogecoin Price Analysis:
Dogecoin price analysis is bearish today as we expect more downside to follow after a slight reaction higher overnight.
DOGE/USD will likely test the $0.166 mark, which will determine where the market is headed next.