Dogecoin Price Analysis: DOGE corrects high despite tightening bearish momentum

Dogecoin price analysis

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.

Dogecoin Price Analysis: DOGE corrects high despite tightening bearish momentum 1Cryptocurrency 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.

Dogecoin Price Analysis: DOGE corrects high despite tightening bearish momentum 2DOGE/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.

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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