Dogecoin DOGE/USD correction continued into Tuesday morning, although one analyst seemed confident the coin would reach $0.27 on the next leg up.
What happened: The dog-themed memecoin lost over 9% in the last 24 hours, reversing the gains made the day before. The trading volume rose 1.70% to $3.55 billion.
Widely followed cryptocurrency analyst and trader Rekt Capital said DOGE was retesting the key pre-Bitcoin BTC/USD halving resistance of $0.22 as new support.
“Retest is now in progress. Hold green, and at least $0.27 would be next,” the analyst predicted.
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Meanwhile, nearly 75% of derivatives traders on Binance with open DOGE positions were positioned long, according to Coinglass, indicating that a reversal could be around the corner.
That said, the Relative Strength Index, used to determine if the asset is overbought or oversold, flashed a “Neutral” signal for the coin, according to TradingView. The Bull Bear Power indicator, which measures the strength of buyers and sellers, also showed no clear dominance.
Price Action: At the time of writing, DOGE was exchanging hands at $0.2262, down 9.94% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin was still down over 28%.
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