- Dogecoin price analysis is bearish today.
- DOGE/USD continued to retrace overnight.
- Next support at $0.215.
After a breach of the $0.23 support was observed overnight, Dogecoin‘s price analysis suggests that bearish momentum will follow. As a result, we anticipate DOGE/USD to continue to fall and test the $0.215 support later today.
The cryptocurrency market traded mostly with bullish momentum over the last 24 hours. Bitcoin was among the best performers, with a gain of 4.04 percent, while Ethereum improved by 0.92 percent. The rest of the top altcoins followed, with gains of around 4-6 percent.
Dogecoin price movement in the last 24 hours: Dogecoin breaks below $0.23 support
The price of DOGE/USD hovered in a range of $0.2226 to $0.2384 throughout the day, with mild volatility over the previous 24 hours. Trading volume was $1.54 billion, down by 8 percent from yesterday. The market capitalization has decreased by 5.21 percent to $29.7
DOGE/USD 4-hour chart: DOGE to target $0.215 next?
On the Dogecoin price’s 4-hour chart, we can see bearish momentum pushing the price lower, which is likely to lead to a break beneath $0.215.
DOGE/USD 4-hour chart. Source: TradingView
The decline in Dogecoin price has taken a break of approximately one week. After an impressive start to October, when DOGE/USD rose from $0.195 to $0.27, a reversal ensued.
The price plummeted from $0.39 to as low as $0.31 on October 7, before bouncing back up to around $0.40 later that day after a consolidation of roughly 25 percent on the 6th of October. After several attempts at $0.25 as a barrier last week, DOGE began to decline on Sunday afternoon.
The $0.23 level offered support at first. However, after some momentum, Dogecoin’s price dropped lower yesterday, resulting in a break below $0.23 assistance overnight. Since then, DOGE/USD has continued to fall, suggesting that the next support level will be tested at $0.215 over the next 24 hours.
Dogecoin Price Analysis: Conclusion
The Dogecoin price is bearish today as the $0.23 support was broken overnight, prompting additional selling. As a result, we expect DOGE/USD to continue lower and aim for the $0.215 support in the near future.
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