- Dogecoin price analysis is bearish today.
- DOGE/USD failed to breach $0.27 yesterday.
- Market set to consolidate further.
Dogecoin price analysis is bearish today as we expect another slow move lower after the upside at $0.27 was rejected yesterday. Therefore, DOGE/USD could move to the $0.25 support again over the next 24 hours.
The overall cryptocurrency market traded with bullish momentum over the last 24 hours. Bitcoin increased by 2.2 percent, while Ethereum 2.61 percent. Meanwhile, Crypto.com Chain(CRO) has gained 18.5 percent and is the top performer.
Dogecoin price movement in the last 24 hours: Dogecoin continues to consolidate after failing to move higher
DOGE/USD traded in a range of $0.2603 – $0.2654, indicating low volatility over the last 24 hours. Trading volume has declined by 24.39 percent and totals $932.45 million, while the total market cap trades around $34.7 billion, ranking the coin in 9th place overall.
DOGE/USD 4-hour chart: DOGE to head towards $0.25 again?
On the 4-hour chart, we see Dogecoin price failing to move higher yesterday, likely leading to more downside later today.
Dogecoin price action has seen trading in an increasingly tighter range over the past weeks. After a strong spike to $0.34 on the 28th of October, a sharp retracement set a new higher low at $0.25.
Since then, the $0.25 mark was retested several times, with the last time seen on the 10th of October. Dogecoin price moved past the support for a brief time before a consolidation resumed above $0.25.
Yesterday, DOGE/USD attempted to break higher, with rejection around $0.27 pushing the market lower again. Since then, DOGE/USD has consolidated around $0.26, likely leading to more downside later today.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish today as we saw upside rejected yesterday, leading to a steady consolidation over the past hours. Therefore, we expect DOGE/USD to slowly decline lower, with the $0.25 support to be tested next.