- Dogecoin price analysis is bearish today.
- DOGE/USD continued to decline yesterday.
- Minor support at $0.24 currently holds.
Dogecoin price analysis is bearish today as a sharp retracement was seen yesterday after a strong spike higher on Monday. Therefore, we expect DOGE/USD to continue lower over the next 24 hours as further downside needs to be tested.
The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, gained 3.09 percent, while Ethereum was up by 1.8 percent. Meanwhile, Dogecoin traded with a slight bearish momentum as it lost 1.7 percent.
Dogecoin price movement in the last 24 hours: Dogecoin retraces to $0.24, consolidates above it overnight
DOGE/USD traded in a range of $0.2407 – $0.2483, indicating low volatility over the last 24 hours. Trading volume has declined by 75.21 percent and totals $1.23 billion, while the total market cap trades around $32.2 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE to move below $0.24?
On the 4-hour chart, we can see the Dogecoin price consolidating above $0.24 today, as selling pressure pauses a substantial decline yesterday.
Dogecoin price action saw a strong beginning of the month. After establishing a major swing low above $1.95 in a more than week-long consolidation, push higher began on the 1st of October.
DOGE/USD eventually peaked at $0.27, resulting in a slow retracement over the following week. A higher low was established at around $0.22 on the 13th of October. From there, Doge slowly traded higher last week and consolidated below $0.24.
On Monday, the Dogecoin price action saw a strong spike higher, quickly leading towards the previous high of $0.272. However, bullish momentum did not continue further, leading to a sharp retracement to $0.24 yesterday.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish today as a strong decline has been seen since Monday when a quick spike higher was seen. Since then, DOGE/USD has retraced to $0.24, where a slight consolidation has been formed, preventing further downside for now.
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