Dogecoin Price Analysis: Bears aim to hijack $0.23 and crash the price to $0.21

VET Price Analysis

TL;DR Breakdown

  • 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.

Dogecoin price
Cryptocurrency heat map. Source: Coin360

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.

Dogecoin Price Analysis: Bears aim to hijack $0.23 and crash the price to $0.21 1

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.

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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