- Dogecoin price analysis indicates a bearish market
- DOGE/USD attempting to break out of $0.25
- Press time price is $0.2427
Today’s Dogecoin price analysis indicates bearish signals for the next 24-hours after the $0.2500 overhead resistance rejected further upsides, thereby pulling the meme coin into a tight trading range. Therefore, we are expecting the DOGE/USD pair to slide further downwards into the $0.21 support and retest deeper lows.
The overall cryptocurrency market is trading in the green zone, with the majority of the coins recording gains. Bitcoin went up by 0.16 percent, Ethereum increased by 0.8 percent, while Binance Coin increased by 1.20 percent. Cardano emerged as the best performing altcoin of the day with a 6 percent improvement, while Solana is the worst performing altcoin.
Dogecoin price movement in the last 24 hours: Dogecoin stuck below $0.25
According to our daily Dogecoin price analysis, DOGE/USD trades within an extremely tight daily range between $0.2376 – $0.2479, which indicates a very volatile market. Meanwhile, the memecoin’s total trading volume dropped by 26.1 percent and totaled $1.28 billion, while the total market capitalization is trading at approximately $31.04 billion. Coin Market Cap ranks Dogecoin at position #8 overall among the top ten altcoins by market value.
DOGE/USD 4-hour chart: DOGE to continue consolidating?
On the 4-hour chart, we can see rejection at $0.2430, suggesting chances of continuation of consolidation later during the day.
DOGE/USD 4-hour chart. Source: TradingView
Dogecoin’s price action has witnessed strong retracement over the last weeks after setting a new swing high at the $0.35 mark in August. From there, DOGE/USD underwent two downtrends, one towards $0.28 and the next one to $0.265.
At the end of August, DOGE/USD resumed an upswing to a higher low and finally set a slightly higher high above the previous resistance at $0.30. However, bulls got exhausted at $0.31, where the price of the meme coin has corrected lower and lower ever since.
Dogecoin Price Analysis: Conclusion
DOGE/USD will trade bearishly today as suggested by our Dogecoin price analysis as the bulls seem exhausted to rally against resistance at $0.25. Therefore, we expect DOGE/USD to continue correcting lower in the next 24-hours.
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