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DOGE/USD approaching $0.2500 support after bearish curve

Cryptopolitan


TL;DR Breakdown

  • Dogecoin price analysis is bearish for today.
  • DOGE/USD continued to decline overnight.
  • Closest support at $0.2500.

Dogecoin price analysis is suggesting bearish signals on the 24-hour chart after the coin dropped by 3.12 percent from yesterday’s price, correcting from $0.30 to $0.26. Therefore, we expect bearish momentum to continue later today and lead DOGE/USD towards a retest of the $0.25 mark next where the bulls can then consolidate for renewed strength. 

Generally, the digital asset market is trading with mixed signals for the last 24 hours after Bitcoin went down by 1.40 percent, Ethereum went up by 3.34 percent, and Solana, the best performer, gained 13 percent. 

Dogecoin price movement in the last 24 hours: Dogecoin continued to decline

DOGE/USD traded in a range of $0.2696 – $0.2756, indicating mild volatility over the last 24 hours. Total trading volume underwent a 3.72 percent plummet and totals $1.47 billion, while the total market capitalization trades around $37 billion, ranking the coin at position #7 overall.

DOGE/USD 4-hour chart: Will DOGE move to retest the $0.2800 support?

On the 4-hour Dogecoin price analysis chart, we can see the meme coin price declining over the last 24 hours as bears target the $0.2800 support next.

DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action witnessed strong gains over the past 4 weeks. However, after setting a new higher high at the $0.3200 mark, bulls were finally exhausted, and a sharp decline followed on the 17th of August.

Support was found above the $0.2850 mark, from which the market price attempted to set further highs. The Dogecoin price failed to set further highs and reversed lower again below $0.2900. 

This price action development was followed by another retest of the $0.2500 mark, with a slight recovery seen over the weekend. Yesterday, DOGE/USD started moving lower again after failing to move above strong resistance of $0.2900.

Overall, Dogecoin should continue moving lower over the next 24 hours and retest the $0.25 support again unless bulls can regain momentum and see a push above $0.2900.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish today as the market continued to decline over the last 24 hours after setting a higher low over the weekend. Therefore, we expect DOGE/USD to drop further and retest the $0.2500 support again over the next 24 hours.

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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