Dogecoin Price Analysis: DOGE trading downwards to the $0.20 zone

TL;DR Breakdown According to Dogecoin price analysis, the market appears to be bearish.The pair DOGE/USD is attempting to break out of $0.25, which it has done on two occasions now. Dogecoin has been trading inside a tight trading range for the past several days, with sharply declining price action. On Monday, the $0.2500 overhead resistance was broken more strongly, while subsequent upsides were rejected, pulling the meme coin into a tight trading range. As a result, we anticipate the DOGE/USD pair to decline further and test a significant support level at $0.2300 in the short term. The cryptocurrency market is trading in the red zone, as shown in the cryptocurrency heatmap below.   Cryptocurrency heatmap by Coin360 Dogecoin price analysis for the last 24-hours: Bearish signs but little chances of a strong pullback A daily candle that closes below $0.2500 will likely open the door to further declines towards $0.2300, a crucial long-term support level. In this case, we look for a break below the $0.2300 level to open up the $0.2200 handle, which corresponds with a long-term trendline. We maintain our bearish bias on dogecoin on the longer timeframes due to the bearish setup around $0.2500 on Monday’s close. However, we believe that any rallies inside the congested trading range will likely be capped by resistance at $0.2500, which is the upper boundary of the trading range. While the Dogecoin price is down mo...