- Dogecoin price analysis is bearish today.
- DOGE/USD continued to retrace after breaking through $0.28.
- Dogecoin currently tests support at $0.26.
Dogecoin price analysis is bearish today as a further downside was seen overnight, leading to the next support at $0.26. If the support can hold DOGE/USD from further downside, we expect a reversal to follow, until then, we assume more downside will follow.
The overall market traded in the red over the last 24 hours. Bitcoin lost 1.7 percent, while Ethereum declined by 2.46 percent. Meanwhile, Dogecoin is among the worst performers, with a loss of 6 percent.
Dogecoin price movement in the last 24 hours: Dogecoin moves lower after breaking through $0.28
DOGE/USD traded in a range of $0.2589 – $0.2812, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 10 percent and totals $3.47 billion, while the total market cap trades around $34.2 billion, ranking the coin in 9th place overall.
DOGE/USD 4-hour chart: DOGE to find support at $0.26?
On the 4-hour chart, we can see some initial reaction at the $0.26 as Dogecoin price looks to finally set higher low and end the several-day retracement.
Dogecoin price action saw strong volatility this week. After a strong spike lower on Wednesday, a new swing low was set at $0.22. From there, a massive rally followed, breaking past the previous swing high and setting a new high at $0.34.
Since then, DOGE/USD has failed to move higher as more upside was heavily rejected after another attempt to move higher. On Friday, the 0.28 mark offered some support, with a slight consolidation formed.
However, another push lower followed yesterday, leading to the $0.26 mark tested overnight. Today, the Ethereum price looks to move lower again as bears have taken the market back to the $0.26 mark.
Most likely, we will see DOGE/USD break lower as the bearish momentum is still strong. However, if the $0.26 prevents further upside, we could see bullish momentum again early next week.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish today as we will likely see further downside below the $0.26. However, if DOGE/USD does not continue lower, we could see a higher low finally established later today.