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Dogecoin Price Analysis: DOGE rejects upside at $0.27, consolidation to continue?

Dogecoin Price analysis

TL;DR Breakdown

  • 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.

Dogecoin Price Analysis: DOGE rejects upside at $0.27, consolidation to continue? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: DOGE rejects upside at $0.27, consolidation to continue?
DOGE/USD 4-hour chart. Source: TradingView

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.

While waiting for Dogecoin to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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