- Dogecoin price analysis is bearish for today.
- DOGE/USD still consolidates around $0.30.
- Resistance at $0.31 still holds.
Dogecoin price analysis indicates bearish momentum to follow later today as the $0.31 still prevents further upside. Therefore, we expect DOGE/USD to retrace later today and look to retest further lows.
The overall market trades with mixed results over the last 24 hours. Market leader, Bitcoin is up by 0.65 percent, while Ethereum is down by 0.4 percent. Meanwhile, Filecoin (FIL) is up by 24 percent and is the best performer today.
Dogecoin price movement in the last 24 hours: Dogecoin still holds below $0.31
DOGE/USD traded in a range of $0.2965 – $0.3078, indicating a low volatility market movement over the last 24 hours. Meanwhile, the total trading volume has decreased by 11.1 percent and totals $2 billion, while the total market cap trades around $40 billion, ranking the coin in 7th place overall.
DOGE/USD 4-hour chart: DOGE to continue consolidating?
On the 4-hour chart, we can see the Dogecoin price rejecting further upside again, indicating a continuation of consolidation later today.
Dogecoin price saw a strong retracement over the last weeks after a new swing high was set at the $0.35 mark on the 16th of August. From there, DOGE/USD saw two strong moves lower, first to $0.28 and second to $0.265.
At the end of August, Dogecoin set a slightly higher low and finally set a slightly higher high above $0.30 previous resistance. However, bulls stopped at $0.31, where the price has consolidated below since.
Overall, this Dogecoin price action development indicates further consolidation over the next 24 hours. Until the $0.31 resistance gets broken, we should see more sideways movement early next week.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish for today as bulls are still unable to push the market above the $0.31 resistance. Therefore, we expect DOGE/USD to continue moving sideways today.
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