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Dogecoin Price Analysis: DOGE/USD consolidating support at $0.2600 in preparation against $0.3000 resistance

Dogecoin price analysis

TL;DR Breakdown

  • The Dogecoin price analysis started off the day with bullish momentum
  • Decreasing momentum saw the overall crypto market trade within the red zone overnight
  • DOGE has been struggling to regain support above $0.2500

Dogecoin Price Analysis: General price overview

The Dogecoin price analysis started off the day with bullish momentum, following a smooth rise from $0.2634 to a rejection of $0.2945.  Meanwhile, yesterday’s attempt to move past the $0.30 was thwarted by massive sellers.  As such, DOGE/USD will likely retrace lower and away from the $0.29 weekly high, inviting the chances of setting another higher low.

The cryptocurrency market traded in the red over the last 24 hours due to a significant decrease of momentum overnight. Bitcoin crashed by 2.5 percent, and Ethereum went down by 4.31 percent. Cardano (ADA), on the other hand, has seen an increase of 2.2% as it becomes one of the best performing cryptocurrencies during the 24-hour time frame. 

Dogecoin price movement in the last 24 hours

Over the last 24 hours, DOGE/USD has traded in a range of between $0.2511 and $0.2766. The daily range is pretty tight, an indication o  mildly distributed volatility. Trading volume also went down by  43.8 percent to a sum of $3 billion. On the other hand, the market capitalization underwent a 2.34 percent plummet over the last 24 hours to a total of $35 billion. 

Dogecoin price analysis
Source: TradingView

Dogecoin 4-hour price analysis chart

The Dogecoin price analysis chart on the 4-hour time frame shows that Dogecoin’s price has returned to $0.27, and closer to testing the much needed $0.26 support level, that’s definitely going to steer another attempt against the $0.30 price level. 

After consolidating around $0.20 at the end of July, Dogecoin’s price action has seen a strong bullish momentum return this week. Bulls gathered momentum and pushed DOGE/USD towards $0.29

DOGE has been struggling to regain support at $0.26, but yesterday managed to rebound and faced huge resistance at the $0.29 mark.

The Shiba-themed meme coin saw a quick rejection for further upside and retested the $0.26 mark as support, meaning that today we can see action consolidating around this price point.

Dogecoin price analysis conclusion

Dogecoin price analysis suggests that the market is bullish over the next 24 hours. Currently, prices are fumbling with the $0.25 – $0.28 price range. The bulls have not yet been able to beat resistance at $0.29 and $0.30. However, buyers have much anticipation that they will break above and resume a bullish thesis.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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