- Dogecoin price analysis is bearish today.
- DOGE/USD set lower low at $0.215 yesterday.
- Reaction higher followed this morning.
Dogecoin price analysis is bearish today as we expect more downside to follow after the current reaction higher is concluded. Likely, DOGE/USD will find resistance at $0.23, leading to further lower lows set over the next 24 hours.
The market overall saw selling pressure continue over the last 24 hours. The market leader, Bitcoin, declined by 4.78 percent, while Ethereum lost 2.25 percent. Meanwhile, Dogecoin falls in the middle of the pack, with a loss of 3.83 percent.
Dogecoin price movement in the last 24 hours: Dogecoin finds and retests support at $0.215, reacts higher
DOGE/USD traded in a range of $0.2161 – $0.2333, indicating mild volatility over the last 24 hours. Trading volume has increased by 30.4 percent, totaling $1.84 billion. Meanwhile, the total market cap trades around $29.76 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE set to drop further after a retest of $0.23 resistance
On the 4-hour chart,
Dogecoin price has continued to decline so far this week. After a strong higher high was set at $0.34 at the end of October, DOGE/USD has seen selling pressure return, leading to a steady decline over the past weeks.
Earlier this month, support was found at $0.25, preventing more downside several times. However, the support got clearly broken on the 16th of November. DOGE spiked to $0.23, consolidated, and dropped further over the past days, leading to the current low at $0.215.
Today we see a reaction higher after sellers became exhausted overnight, leading the Dogecoin price towards $0.23 previous support. Likely we will see the $0.23 mark act as a resistance, reversing DOGE/USD into another drop later today.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish today as we saw a slight reaction higher after a retest of the $0.215 support. Therefore, we expect DOGE/USD to continue lower over the next 24 hours as the overall momentum is still very bearish.