- DOGE continued to consolidate overnight.
- Support at $0.23 still holds.
- Bears still prepare to push DOGE/USD lower.
Dogecoin price analysis is bearish for today as the market continued to consolidate in an increasingly tighter range over the last 24 hours. Therefore, we can expect DOGE/USD to break lower overnight and push towards the previous major support of around $0.165.
The overall market trades in the green over the last 24 hours. Bitcoin has increased by 3.45 percent, while Ethereum 5.8 percent. The rest of the market follows this pattern of bullish results with 4-6 percent gains.
Dogecoin price movement in the last 24 hours
DOGE/USD traded in a range of $0.2413 – $0.2502, indicating mild volatility. Trading volume has decreased by 40 percent and totals $913 billion. Meanwhile, the total market capitalization trades around $32.3 billion ranking the cryptocurrency in 6th place overall.
DOGE/USD 4-hour chart – DOGE still consolidates
On the 4-hour chart, we can see Dogecoin price consolidating over the last days as bears prepare for another spike lower.
The overall market trades with a strong bearish momentum over the past weeks after the previous swing high at $0.44 was set. What followed was a retracement of over 60 percent to the $0.165 mark, where strong rejection for further downside was seen.
Earlier this week, DOGE/USD rallied higher and retested the previous significant support around $0.29 as resistance. From there, Dogecoin headed lower and established several lower highs, with the $0.23 mark acting as a support.
This price action development has resulted in an increasingly tighter range for Dogecoin. Looking at the price action over the last 24 hours, we can assume that a breakout will be seen soon. Most likely, DOGE/USD will break lower and test further downside. However, if the 100 period moving average blue line fails to act as a resistance, we can expect a quick spike towards the $0.29 mark again.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish over the last 24 hours as the market continued to set lower highs and has set a consolidation above the $0.23 mark. This DOGE/USD market development should lead towards a push lower over the following 24 hours, and bears look to test the previous support around $0.165.
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