Dogecoin Price Analysis: DOGE still consolidates above $0.20, breakdown to follow today?

Dogecoin Price analysis

TL;DR Breakdown

  • Dogecoin price analysis is bearish today.
  • DOGE/USD continued to trade just above $0.20 support.
  • Further upside rejected, setting lower highs.

Dogecoin price analysis indicates bearish momentum to follow today as bulls could not gain any momentum over the last 24 hours. Therefore, we expect DOGE/USD to finally break below the $0.20 support and test further downside.

Dogecoin Price Analysis: DOGE still consolidates above $0.20, breakdown to follow today? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded clearly in the red over the last 24 hours. The top altcoin, Ethereum, lost 5.7 percent, leading the rest of the top coins. Meanwhile, Bitcoin was bearish also, with a loss of 4.15 percent.

Dogecoin price movement in the last 24 hours: Dogecoin consolidates above $0.20

DOGE/USD traded in a range of $0.1994 – $0.2065, indicating mild volatility over the last 24 hours. Trading volume has increased by 1.63 percent and totals $842.4 billion, while the total market cap trades around $26.6 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE set to break lower?

On the 4-hour chart, we can see Dogecoin price action setting increasingly lower highs, indicating an upcoming break lower.

Dogecoin Price Analysis: DOGE still consolidates above $0.20, breakdown to follow today?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin has seen a continuation of bearish momentum over the second half of September. After a strong drop lower on the 7th of September, DOGE/USD consolidated for several days between $0.23 support and $0.25 resistance.

Break lower was seen on the 20th of September, with support found at $0.20 this time. After some consolidation early last week, DOGE retested the previous support at $0.23 as resistance.

From there, a spike lower was seen on Friday, followed by a consolidation above $0.20 support for several days. Since further lower highs have been set, we expect the $0.20 to break and further downside to follow.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish today as lower highs were continuously set over the past days, with the $0.20 mark tested as support. Therefore, we expect a break lower to follow today as the support can not hold DOGE/USD any longer. 

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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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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