- Dogecoin price analysis is bearish today.
- DOGE/USD continued to retrace overnight.
- Next support at $0.215.
After a break below the $0.23 support was noticed overnight, Dogecoin price analysis suggests that bearish momentum will continue. As a result, we expect DOGE/USD to drop further and target the $0.215 support later today.
Intraday resistance is seen around $0.235, and a break above will signal bullish momentum and likely lead to an attempt on the $0.25 level, opening the next floor from here.
Bulls might have been hopeful of a return in Dogecoin price when they saw a decent support area is formed, starting from yesterday’s high low. However, the break below $0.23 has invalidated this and confirmed that bearish momentum is in play within a more significant downtrend for DOGE/USD.
DOGE/USD 4-hour chart: End of DOGE rally?
We can see bearish momentum continuing to push the Dogecoin price lower on the 4-hour chart, suggesting that it will likely fall to $0.215 in the near future.DOGE/USD 4-hour chart. Source: TradingView
The price of Dogecoin has been oscillating. After a promising start to October, DOGE/USD climbed from $0.195 to $0.27 over the week but reversed.
Following a drop of roughly $0.25 on the 6th of October, further downside ensued over the following days. On Sunday, after several attempts to defend at $0.25 as resistance, DOGE began to fall.
The $0.23 mark managed to provide a little assistance at first. However, after some reaction higher, Dogecoin’s price fell yesterday further, resulting in a break beneath $0.23 support overnight. Since then, the DOGE/USD pair has continued to fall, suggesting that the next resistance level will be $0.215, which was the bottom of the range for July before it began to fall.
We can see that an almost perfect symmetrical triangle is forming on the 1-day time frame for Dogecoin. This suggests that we should see a break soon, and the likelihood is that we will see this move to the downside.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis suggests that bearish momentum will continue. As a result, our next support is at $0.215, and anything below this brings $0.20 into play. A break above $0.23 would be welcomed by the bulls, but an unsuccessful break, followed by continued downwards pressure, could see $0.2250
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