- Dogecoin price analysis is bearish today.
- DOGE/USD saw a swift drop earlier today.
- Market likely to retrace further today.
The Dogecoin price is bearish right now, as a minor downturn was noted following a several-day consolidation around $0.22. As a result, we anticipate DOGE/USD to climb further as bears seek to establish a new low.
Cryptocurrency heat map. Source: Coin360
The market was in a mixed mood over the previous 24 hours. Bitcoin rose 6.8%, while Ethereum increased by 1.02%, making it the market leader. Meanwhile, Shiba Inu (SHIB) continues to lead the pack, having risen more than 70% since its low of December 17th.
Dogecoin price movement in the last 24 hours: Dogecoin breaks below consolidation at $0.24
The price of DOGE/USD hovered between $0.2418 and $0.2544 during the last 24 hours, suggesting low volatility price action. Trading volume has increased by 15.43 percent, reaching $1.281 billion, while the market capitalization is around $28.46 billion, putting the cryptocurrency in 10th place.
DOGE/USD 4-hour chart: DOGE to drop further today?
On the Dogecoin price chart, we can observe a little drop lower on the 4-hour time frame, below the consolidation area formed over the previous days.
DOGE/USD 4-hour chart. Source: TradingView
The price of Dogecoin has remained in a downward trend lately. On September 20, DOGE/USD was supported at $0.195, after another fall below $0.23.
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.