TL;DR Breakdown
- Dogecoin price analysis is bearish today.
- DOGE/USD saw further downside overnight.
- Support at $0.215 reached again.
Dogecoin price analysis is bearish today as we expect the current selling pressure to continue after a steady decline overnight. Likely DOGE/USD will move to break the $0.215 support, setting another lower low.
The overall cryptocurrency market continued to trade in the red over the last 24 hours. The market leader, Bitcoin, lost 2.05 percent, while Ethereum lost 1.82 percent. Meanwhile, the rest of the top altcoins follow with similar bearish results.
Dogecoin price movement in the last 24 hours: Dogecoin continued to decline, reaches $0.215 support
DOGE/USD traded in a range of $0.2169 – $0.2275, indicating mild volatility over the last 24 hours. Trading volume has increased by 19.16 percent, totaling $955 million, while the total market cap trades around $28.9 billion, ranking the coin in 11th place overall.
DOGE/USD 4-hour chart: DOGE looks to break $0.215 support?
On the 4-hour chart, we can see the Dogecoin price consolidating over the last hours as bears prepare to test the $0.215 support.
Dogecoin price action has continued to trade in a bearish momentum over the past weeks. A sharp reversal followed after a strong higher high set at $0.34 at the end of November, sending DOGE/USD lower.
After a series of lower lows and highs, DOGE reached the current low at $0.215 on the 18th of November. From there, a reaction higher ended with another lower high set at $0.235 last Friday.
Since then, the Dogecoin price has slowly retraced, moving towards the previous low at $0.215. The low was almost reached late yesterday, with consolidation forming above the mark right now. DOGE/USD will likely attempt to test the support over the next 24 hours as selling pressure is still strong.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish today as we saw a further decline over the last 24 hours back to the $0.215 support. Likely, DOGE/USD will attempt to break lower to continue moving along with the overall bearish momentum seen over the past weeks.
While waiting for Dogecoin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.
