Dogecoin Price Analysis: Bearish market force Dogecoin into short term downswing to $0.26

Dogecoin price

TL;DR Breakdown

  • Dogecoin price analysis is trading bearishly on the daily chart
  • DOGE/USD traded within a tight daily range of $0.2650 – $0.2751

Dogecoin Price Analysis: General price Overview

Dogecoin price analysis is trading bearishly on the daily chart with long red candlesticks that saw the meme coin retrace 1.42 percent lower from yesterday’s price. The DOGE/USD pair fell from the $0.30 support earlier on, and the bears hae continued pulling the price downwards towards the $0.26 support. 

The general cryptocurrency market is trading with mixed signals but with the majority of the coins trading within the red zone. Bitcoin and Ethereum gained 0.14 and 0.09 percent, while Cardano and Binance Coin lost 1.42 and 1.66 respectively. Solana is the best performing altcoin with a 24-hour net positive change of 21 percent.

Dogecoin price movement in the last 24 hours: DOGE/USD retraces to $0.26

According to our 24-hour Dogecoin price analysis, DOGE/USD traded within a tight daily range of $0.2650 – $0.2751. The narrowness indicates low volatility across the daily chart. Meanwhile, the total daily trading volume decreased by 18 percent to a sum of $2.16 billion.  The total market capitalization for Dogecoin dropped by 1.45 percent by to a sum of $35.3 billion. Dogecoin ranks at number #7 overall. 

DOGE/USD 4-hour chart: BNB prepares for another rally?

Our 4-hour Dogecoin price analysis seems bullish as the price action seems persistent to break out of the $0.2700 rejection. Despite the general price structure seeming bearish, we can expect some gains in the next few hours.

Dogecoin price analysis
Source: Tradingview

Dogecoin price analysis is mainly bearish due to an increasingly strengthening resistance at $0.30. The coin has already gained more than 100 percent in the last week, and bulls are working hard to retest the April high. 

Only a strong rally will flip the current bearish structure and enable Dogecoin to regain its early August swing high. The coin has already established solid support of around $0.25, and there is no likelihood of breaking below that support in the short term. 

Therefore, should the price fall lower, it is unlikely the trendline will go below $0.25.

Dogecoin Price Analysis: Conclusion

Dogecoin price analysis is bearishly trading on the 24 hours after the bulls failed to sustain support at $0.30. The bears are headed for the $0.25 main support from where they could exert stronger pullbacks on the price of Dogecoin.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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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