- Dogecoin price analysis is bearish today
- DOGE/USD has been trading in a range of $0.1989 to $0.2120
Following a month-long period of little volatility, Dogecoin‘s price has had none for the past 11 days, but the recent sell-off appears to have reignited volatility, resulting in a breakdown of the immediate support floor. While recovery from the current position is probable, investors should be cautious about another downturn.
Dogecoin price movement in the last 24 hours: DOGE drops rapidly
DOGE/USD has been trading in a range of $0.1989 to $0.2120 throughout the past 24 hours, indicating little volatility. The volume of DOGE grew by 55.95 percent and reached $2.63 billion, while the overall market cap was about $33 billion at the time of writing, placing DOGE as the seventh most valuable cryptocurrency.
DOGE/USD 4-hour chart
Since September 8, the price of Dogecoin has been consolidating, but it broke down on September 20 and plummeted through $0.230, which was its primary support floor. As of September 21, DOGE is trading slightly near the $0.2100 demand level and appears to be recovering.
However, if BTC remains constant, DOGE may lead to a new rise on this platform. Market participants can anticipate the meme-themed coin to break through $0.2090 and approach $0.193 in the event that it does not succeed. In some cases, market makers may momentarily fall below this floor in order to gather data
It should be noted that the momentum of this upward trend is quite strong. As a result, after breaking through the resistance barriers at $0.245 and establishing a new height at $0.268, it will most likely continue to climb past the $0.268 ceiling and target the $0.268 resistance line once again (if it hasn’t already).
Market participants who choose to trade on the retracement should be cautious. Even though there is a chance of another downturn, the majority of indicators seem to favor an optimistic outcome; in this case, one that allows the Dogecoin price to continue with its bullish momentum and reach $0.268 again.
Dogecoin price analysis conclusion
As for trading DOGE with BTC, the current momentum seems to favor bulls. At the time of writing, they are in control of this market, which is why another uptrend wave may be expected after breaking through $0.213.
To summarize, after establishing a higher low on the daily chart this morning, the Dogecoin price is now strongly up. As a result, we anticipate the DOGE/USD pair to rise over the next 24 hours and exceed $0.33.
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 decision.