- 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.
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 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.
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