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Dogecoin Price Analysis: DOGE slowly continues to retrace, $0.23 support broken

Dogecoin Price analysis

TL;DR Breakdown

  • Dogecoin price analysis is bearish today.
  • DOGE/USD continued to retrace overnight.
  • Next support at $0.215.

Dogecoin price analysis indicates bearish momentum will follow after a break below the $0.23 support was seen overnight. Therefore, we expect DOGE/USD to continue lower and test the $0.215 next support later today.

Dogecoin Price Analysis: DOGE slowly continues to retrace, $0.23 support broken 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded mostly with bearish momentum over the last 24 hours. Bitcoin was among the best performers, with a gain of 1.3 percent, while Ethereum lost 2.74 percent. The rest of the top altcoins followed, with a loss of around 4-6 percent.

Dogecoin price movement in the last 24 hours: Dogecoin breaks below $0.23 support

DOGE/USD traded in a range of $0.2226 – $0.2384, indicating mild volatility over the last 24 hours. Trading volume totals $1.54 billion, down by 8.14 percent from yesterday. The total market cap has declined by 5.21 percent and totals $29.7 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE to target $0.215 next?

On the 4-hour chart, we can see bearish momentum continuing to push the Dogecoin price lower, likely leading to the $0.215 support next.

Dogecoin Price Analysis: DOGE continues to retrace, $0.23 support broken
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has seen reversal over the past week. After a strong beginning of October, during which DOGE/USD rallied from $0.195 to $0.27, a reversal followed.

After consolidation of around $0.25 on the 6th of October, more downside followed over the following days. After several retests of $0.25 as resistance later last week, DOGE started heading lower on Sunday.

The $0.23 mark provided some support initially. However, after some reaction higher, Dogecoin price pushed lower again yesterday, leading to a break below $0.23 support overnight. Since then, DOGE/USD has continued lower, indicating that we will see the next support at $0.215 tested over the next 24 hours.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish today as the $0.23 support was broken overnight=, leading to more downside today. Therefore, we expect DOGE/USD to continue lower and target the $0.215 support next.

While waiting for Dogecoin to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

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 decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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