Dogecoin Price Analysis: DOGE retraces from $0.30, set for further downside today?

TL;DR Breakdown

• Dogecoin price analysis is bearish for today.
• DOGE/USD continued declining overnight.
• DOGE to retest $0.265 support.

Dogecoin price analysis indicates bearish momentum to follow as any further downside was seen overnight and series of local lower lows were set. Therefore, we expect DOGE/USD to drop even lower and test the $0.265 previous low next.

The cryptocurrency market traded in the red over the last 24 hours, with the market leader, Bitcoin, losing 0.92 percent. Ethereum has remained flat, while Solana (SOL) is the best performer, with a gain of 7.75 percent.

Dogecoin price movement in the last 24 hours: Dogecoin continues to retrace from $0.30

DOGE/USD traded in a range of $0.2775 – $0.2896, indicating mild volatility over the last 24 hours. Trading volume has increased by 5.4 percent and totals $1.6 billion, while the total market capitalization trades around $36.75 billion, ranking the coin in 7th place overall.

DOGE/USD 4-hour chart: DOGE set to retest $0.265?

On the 4-hour chart, we can see the Dogecoin price continuing to drop as bears target the $0.265 mark next.

The Dogecoin price action has seen strong bullish momentum this month. After several days of consolidation around the $0.2 support, DOGE/USD rallied by around 75 percent until the $0.35 resistance.

From there, bulls became exhausted and a retracement to $0.28 was seen over the following days. What followed was a failure to set a higher high as the market peaked below $0.33 and the following drop to $0.265 support, where a lower low was set.

Over the weekend, another lower high was made below the $0.30 mark, with the Dogecoin price continuing to move lower since. Overall, this price action development should lead towards a lot more downside over the next days, with the $0.265 mark as the next support. 

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish for the next 24 hours as the market continued to decline overnight and moved past the $0.28 local support. Therefore, we expect DOGE/USD to see more downside later today and look to test the $0.265 mark next.

While waiting for Dogecoin to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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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