Dogecoin DOGE/USD correction continued into Tuesday morning

The dog-themed memecoin lost over 9% in the last 24 hours, reversing the gains made the day before.

Dogecoin (CRYPTO: DOGE) price correction continued into Tuesday morning, although one analyst seemed confident that 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 that DOGE was retesting the key pre-Bitcoin (CRYPTO: BTC) halving resistance of $0.22 as new support.

“This is a Fibonacci level, but it's also a psychological price point. It's the same price that Bitcoin reached in 2015, which is interesting given that the last time Bitcoin had a bull market, it started in 2015,” the analyst stated.

According to the analyst, the coin had already tested this level three times, bouncing off of it each time.

"The retest is now in progress. If the bulls can manage to hold green, then at least $0.27 would be next on the table," the analyst predicted.

On the other hand, nearly 75% of derivatives traders on Binance with open DOGE positions were positioned long, and a reversal could be around the corner, according to data from Coinglass.

However, the Relative Strength Index, used to determine if the asset is overbought or oversold, flashed a "Neutral" signal for the coin, and the Bull Bear Power indicator, which measures the strength of buyers and sellers, showed no clear dominance, according to TradingView.

If the sellers' strength increases, the indicator reading will move into negative territory, indicating that sellers are gaining an edge over buyers.

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