- Dogecoin price analysis is bearish today.
- DOGE/USD saw a swift drop earlier today.
- Market likely to retrace further today.
Dogecoin price analysis is bearish today as a slight drop was seen after a several-day consolidation of around $0.22. Therefore, we assume DOGE/USD will see further upside as bears look to set a higher low.
The overall market traded with a slight bearish momentum over the last 24 hours. The market leader, Bitcoin, lost 0.6 percent, while Ethereum has declined by 2.16 percent, leading the way for the rest of the top altcoins.
Dogecoin price movement in the last 24 hours: Dogecoin breaks below consolidation at $0.22
DOGE/USD traded in a range of $0.2133 – $0.2267, indicating low volatility price action over the last 24 hours. Trading volume has increased by 15.43 percent and totals $1.281 billion, while the total market cap trades around $28.46 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE to drop further today?
On the 4-hour chart, we can see the Dogecoin price action experiencing a slight drop lower, below the consolidation area formed over the past days.
Dogecoin price action has continued to trade in a steady bearish momentum over the past weeks. After another drop lower below $0.23, support was seen on the 20th of September, DOGE/USD found support at $0.195.
What followed was a retest of previous support as a resistance at $0.23 and another drop to the newly formed swing low at $0.195. Over the following days, DOGE/USD consolidated above the support in an increasingly tighter range until some bullish momentum returned on Friday.
On Friday, the Dogecoin price saw a quick spike higher, reaching above $0.22. However, further bullish momentum was not seen, leading DOGE/USD into a consolidation sideways over the weekend.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish today as bearish momentum has returned in the market, with a slight drop below the consolidation range. Therefore, we could see DOGE/USD move even lower, looking to retest the previous major swing low at $0.195 later this week.
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