- Dogecoin price analysis is bearish for today.
- DOGE/USD rallied lower in the morning hours
- DOGE saw a quick drop lower to $0.24
Dogecoin price analysis is strongly bearish after undergoing a 17 percent downtrend on the 24-hour chart to $0.2449. The coin rejected further upsides after a quick morning dash to the $0.3000 support and went on to form resistance at $0.2900. We expect the DOGE/USD pair to move downwards in the next 24-hours and build a support base at $0.2100.
Overall, the cryptocurrency market traded with bearish momentum over the last 24 hours. Bitcoin crashed by 12 percent, while Ethereum lost more than 14 percent. Solana and Cardano also became losers on the daily chart after shedding more than 7 percent of their value overnight.
Dogecoin price movement in the last 24 hours: Dogecoin retests $0.26 as support after yesterday downtrend
DOGE/USD traded in a range of $0.2384 – $0.2638, indicating mild volatility over the last 24 hours. Trading volume has increased by 39.71 percent and totals $2.83 billion, while the total market cap trades around $40.12 billion, ranking the coin in 8th place overall.
DOGE/USD 4-hour chart: DOGE targets $0.22 next?
On the 4-hour chart, we can see the Dogecoin price preparing for a downtrend that could break below the daily low at $0.2384.
Dogecoin price action has struggled to sustain higher gains in the last few weeks since the start of August. After rallying to $0.35 in August, a strong retracement followed through mid-August. DOGE/USD would however drop by approximately 20 percent to the $0.28 zone.
This was followed by another attempt to move higher at the close of August. Nevertheless, A lower high was set below $0.33, which would then send DOGE/USD towards further lows around $0.265.
However, the DOGE/USD price action begun to recover from the $0.265 support. The meme coin found a higher low at $0.27 at the start of September, with a rally and higher high all at the same time. Currently, DOGE/USD is quickly retracing to set a lower high, with the $0.2300 acting as support, likely leading DOGE lower later in the week.
Dogecoin Price Analysis: Conclusion
Today’s Dogecoin price analysis is bearish for the next 24 hours as a new lower high was set earlier today after a brief drop to $0.24, where the coin was unable to sustain a recovery. Therefore, we expect DOGE/USD to move lower over the next 24 hours and start its journey to lower support levels.
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