- Dogecoin price analysis is bearish today.
- DOGE/USD continued to decline yesterday.
- Minor support at $0.24 currently holds.
The Dogecoin price is currently bearish, with a significant retracement occurring yesterday after a strong Monday surge. As a result, we anticipate the DOGE/USD exchange rate to fall further in the next 24 hours, with an additional downside target necessary to be broken.
As seen from the daily chart, it seems as though yesterday’s bearish momentum was initially halted at around $0.24 – the furthest point of Monday’s ascending channel. In turn, this has been providing support since the downside spike yesterday evening, which pushed DOGE/USD down to $0.23 – where further buying interest stepped in and held this price level. It currently seems that minor support at $0.24 now holds for the time being; however, we expect this area to be overcome should selling pressure intensify further over the coming hours.
Dogecoin price movement in the last 24 hours: DOGE/USD breaks above $0.24
A break below $0.24 would mean that Dogecoin price buyers are yet to gain any significant traction.
We are essentially looking for a break below $0.23, which would likely bring about another decline to around $0.21; this is where the previous ascending channel sits and should provide some support moving forward over the longer term.
On the other hand, it might be that Dogecoin price buyers attempt to push prices back up and through resistance at $0.24, but we aren’t particularly optimistic in this sense due to Tuesday’s trading sessions also being potentially bearish.
If we see a break above resistance at $0.24 again today, there may be scope for DOGE/USD to retest last week’s high of $0.26 – though it would likely be short-lived.
DOGE/USD 4-hour chart: DOGE to move below $0.24?
We can see that the Dogecoin price has held above $0.25 this morning, as selling pressure had temporarily halted a significant depreciation yesterday.
DOGE/USD 4-hour chart. Source: TradingView
We can see that the MACD indicator is now in the negative territory on the 4-hour chart, which indicates that selling pressure is still in play across the market. In turn, this selling pressure intensifies further should DOGE/USD break below resistance at $0.25 and close a 4-hour candle to end today’s trading session below this price level.
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
The Dogecoin price is bearish right now, as a significant retracement was seen 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 before any potential recovery occurs. Alternatively, if the price breaks above resistance at $0.24 today, there may be scope for DOGE/USD to retest last week’s high of $0.26.
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