- Dogecoin price analysis is bearish today.
- DOGE/USD is currently trading at $1976.
- A lower high was rejected, signaling a possible decline.
Dogecoin‘s price is in bearish momentum, with bulls unable to gain traction over the past 24 hours. As a result, we anticipate DOGE/USD to eventually break below the $0.20 support and test further losses.
The cryptocurrency is trading in mixed reactions, with some parts being greenish and others red. The giant assets Bitcoin and Ethereum are among the daily losers. BTC is down by 2% and ETH by 3%. MCO is the giant gainer on the daily heatmap, recording more than 30% price surge.
Dogecoin price movement in the last 24 hours: Dogecoin consolidates above $0.20
Over the past 24 hours, DOGE/USD has traded in a range of $0.1994 to $0.2065, exhibiting little volatility during that period. Trading volume has increased by 1.63 percent and totals $842.4 billion, putting the market capitalization at about $26.6 billion, placing the coin in tenth place globally.
Dogecoin hit a high of $0.2269 within 15 minutes of trade, according to CoinMarketCap, after opening at an intraday low of $0.1908. The price began moving sideways in the first hour and spiked sharply – with a 10 percent gain – to $0.2269 within 15 minutes of trade, as per CoinMarketCap.
On the other hand, Dogecoin is consolidating near $0.1960 support on major exchanges such as Bittrex; nevertheless, it’s worth noting that bulls have repeatedly failed to break past this barrier in the last 24 hours, with each new high being lower than the previous one. The trend implies that Dogecoin is heading into a bear market, but a breakout of this support level would be required to confirm further declines.
The chart above shows DOGE/USD is currently consolidating above $0.2000 but setting lower highs each time bulls try to break past the $0.20 resistance level. On the other hand, if doge continues to trade below this support level, a further downside towards $0.1955–$0 is expected. In that case, any attempt by bulls from this level could pull the price upwards again. However, there’s no significant support before the main barrier around the $0.2020 -$ 0.2030 zone, representing a 50 percent Fibonacci retracement of the rally from $0.1955 to $0.2185; it is an unlikely event for now, but not impossible should bears gain stronger momentum.
Dogecoin price analysis 4-hour chart: DOGE set to break lower?
DOGE/USD 4-hour chart. Source: TradingView
Dogecoin has continued to fall during the second half of September. On September 7, Dogecoin/USD fell sharply from $0.26 to $0.23 before consolidating at $0.23 and $0.25 resistance levels for several days.
Further resistance to upside exists around the 100 hourly SMA for several days noted at $0.1985 today. A close above that level could indicate a change from bearish momentum to bullish – and open doors for more gains towards the next hurdle, which sits around $0.2343 (200 SMA). However, a break below the 100-hourly SMA would likely lead DOGE/USD into more profound losses – with first targets being set around $0.2000.
Dogecoin Price Analysis: Conclusion
Today’s Dogecoin analysis is bearish, as lower highs were formed throughout the previous days, with the $0.1950 support line subjected to strain as support. As a result, we anticipate a fall today since the support cannot keep DOGE/USD at bay any longer.
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