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Dogecoin Price Analysis: DOGE preparing to break below $0.215?

Dogecoin Price analysis

TL;DR Breakdown

  • 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.

Dogecoin Price Analysis: DOGE preparing to break below $0.215? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: DOGE preparing to break below $0.215?
DOGE/USD 4-hour chart. Source: TradingView

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.

While waiting for Solana to move further, see our guides on the Best crypto exchange, how to mine Dogecoin Classic, and Cardano vs Dogecoin.

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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