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Dogecoin Price Analysis: DOGE rejects further upsides at $0.2544

Dogecoin price analysis

TL;DR Breakdown

  • Dogecoin price analysis is bearish today.
  • DOGE/USD saw a swift drop earlier today.
  • Market likely to retrace further today.

The Dogecoin price is bearish right now, as a minor downturn was noted following a several-day consolidation around $0.22. As a result, we anticipate DOGE/USD to climb further as bears seek to establish a new low.

Dogecoin Price Analysis: DOGE rejects further upsides at $0.2544 1Cryptocurrency heat map. Source: Coin360

The market was in a mixed mood over the previous 24 hours. Bitcoin rose 6.8%, while Ethereum increased by 1.02%, making it the market leader. Meanwhile, Shiba Inu (SHIB) continues to lead the pack, having risen more than 70% since its low of December 17th.

Dogecoin price movement in the last 24 hours: Dogecoin breaks below consolidation at $0.24

The price of DOGE/USD hovered between $0.2418 and $0.2544 during the last 24 hours, suggesting low volatility price action. Trading volume has increased by 15.43 percent, reaching $1.281 billion, while the market capitalization is around $28.46 billion, putting the cryptocurrency in 10th place.

DOGE/USD 4-hour chart: DOGE to drop further today?

On the Dogecoin price chart, we can observe a little drop lower on the 4-hour time frame, below the consolidation area formed over the previous days.

Dogecoin Price Analysis: DOGE rejects further upsides at $0.2544 2

DOGE/USD 4-hour chart. Source: TradingView

The price of Dogecoin has remained in a downward trend lately. On September 20, DOGE/USD was supported at $0.195, after another fall below $0.23.

What followed was a retest of previous support as a resistance at $0.23 and another drop to the newly formed swing low at $0.195. Over the following days, DOGE/USD consolidated above the support in an increasingly tighter range until some bullish momentum returned on Friday.

On Friday, the Dogecoin price saw a quick spike higher, reaching above $0.22. However, further bullish momentum was not seen, leading DOGE/USD into a consolidation sideways over the weekend. 

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish today as bearish momentum has returned in the market, with a slight drop below the consolidation range. Therefore, we could see DOGE/USD move even lower, looking to retest the previous major swing low at $0.195 later this week.

Read some of our articles on Ethereum Classic, blockchain gaming, and the Metaverse as you wait for Dogecoin to record a positive gain.

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.

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