TL;DR Breakdown
- Dogecoin price analysis is bearish today.
- DOGE/USD continued to decline yesterday.
- Minor support at $0.24 currently holds.
The Dogecoin price is bearish right now, as a significant retracement was seen yesterday after a strong spike higher on Monday. As a result, we anticipate DOGE/USD to drop further over the next 24 hours, with an additional downside required to be tested.
Cryptocurrency heat map. Source: Coin360
The overall cryptocurrency market is entirely green with all digital assets trading bullishly for the past 24-hours. Bitcoin crossed the $65,000 mark after a 1.54 percent rise where it set a new all-time high. Ethereum posted a record gain of 8.43 percent and broke above $4,178.
Dogecoin price movement in the last 24 hours: Dogecoin retraces to $0.24, consolidates above it overnight
The price of DOGE/USD was $0.2488 to $0.2584 over the last 24 hours, indicating low volatility. Trading volumes have fallen by 75.21 percent and a total of $1 billion has changed hands, placing the market capitalization at around $32 billion, putting the coin in 10th place globally.
DOGE/USD 4-hour chart: DOGE to move below $0.24?
On the Dogecoin price chart, we can observe that it has consolidated above $0.25 this morning, as selling pressure has temporarily halted a significant drop yesterday.
DOGE/USD 4-hour chart. Source: TradingView
The price of Dogecoin had a fantastic start to the month. After establishing a significant swing low of more than $1.95 in a more than week-long consolidation, push higher began on October 1st.
Over the next few days, Doge per DOGE/USD gradually rose to $0.27 before correcting back over the following week. On October 13th, a higher low was established at approximately $0.22. Last week, Doge began to rise slowly and consolidate around $0.24.
On Monday, the Dogecoin price made a significant climb, quickly approaching the previous high of $0.272. Nonetheless, bullish momentum did not continue far enough to trigger a strong retracement yesterday to $0.24.
Dogecoin Price Analysis: Conclusion
Today’s Dogecoin price analysis is bearish, as a significant drop has been witnessed since Monday when a fast spike higher was observed. Since then, DOGE/USD has retraced to $0.24, where a slight consolidation has taken place; however, further downside is prevented for the moment.
While waiting for Dogecoin to move further, read our guides on LTC wallets, Gero wallets, and Defi wallets.
