Dogecoin News

Dogecoin Price Analysis: DOGE is bearish for the next 24 hours

TL;DR Breakdown

  • 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

Disclaimer. The information provided is not trading advice. 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.

This post was last modified on October 13, 2021 4:19 pm

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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