TL;DR Breakdown
- Dogecoin price analysis is bearish today.
- DOGE/USD failed to breach $0.27 yesterday.
- Market set to consolidate further.
Today, Dogecoin price analysis is bearish since we anticipate another slow drop after the upside at $0.27 was rejected yesterday. As a result, DOGE/USD may swing back to the $0.25 support in the next 24 hours.
Dogecoin Price Analysis, DOGE/USD Trying to breach the $0.27 resistance level yesterday turned out to be challenging for Dogecoin price analysis since market sentiment was bearish. However, Dogecoin still managed to stay afloat above the $0.26 support level despite its slow movement. Yet, no gain was made yesterday since the cryptocurrency found resistance at $0.27, triple top breakout level.
On the other hand, DOGE/USD moved down to the $0.25 support level during the early Asian session today. Currently, it is hovering just above this level while locked in a range-bound movement between $0.26 and $0.25. This is good and bad since it will make price action less volatile, but it also means that DOGE/USD will stay bearish for a bit longer.
Bulls are likely to make another attempt at breaching the $0.27 resistance level since the cryptocurrency has only breached this level once in the last 30 days. So, even though Dogecoin price analysis is bearish today, we still expect the pair to go up and test $0.27 again in the next 24 hours or so.
DOGE/USD 4-hour chart: DOGE to head towards $0.25 again?
On the Dogecoin price chart, we can see that it failed to advance higher yesterday, implying more decline is on the way later today.
DOGE/USD 4-hour chart. Source: TradingView
Dogecoin’s price has been trading in a more narrow range recently. On the 28th of October, a substantial surge to $0.34 triggered a significant retracement that established a new high at $0.25.
Since then, the $0.25 mark has been retested numerous times, with the most recent occurrence on October 10th. Dogecoin’s price advanced past the support for a few seconds before settling back above $0.25 after a brief consolidation.
Yesterday, DOGE/USD attempted to break higher but was unable to do so. The market failed to recover after being pushed lower by rejection around $0.27, with the pair consolidating around $0.26 for most of today.
Dogecoin Price Analysis: Conclusion
Today’s Dogecoin price analysis is bearish, as we saw upside rejected yesterday, resulting in a sustained consolidation throughout the last hours. As a result, we expect DOGE/USD to fall gradually lower, with the $0.25 support to be approached next.
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