Dogecoin price analysis is bearish after dropping 17% on the 24-hour chart to $0.2449. The coin resisted further gains after a quick tick in the morning to support at $0.3000 and continues to form resistance at $0.2900. We expect the DOGE/USD pair to move lower over the next 24 hours establishing the $0.2100 support base.
In general, the cryptocurrency market has been trading with a bearish momentum for the past 24 hours. Bitcoin fell 12% while Ethereum lost more than 14%. Solana and Cardano were also losers on the daily schedule after losing more than 7% of their scores overnight.
Dogecoin price movement in the last 24 hours
DOGE/USD is trading in the $0.2384 – $0.2638 range, indicating little volatility over the past 24 hours. Trading volume was up 39.71 percent to $2.83 billion, while the total market cap traded around $40.12 billion, placing the coin in 8th place overall.
DOGE/USD 4-hour chart
On the 4 hours chart, we see Dogecoin price poised for a downtrend that could drop below the daily low of $0.2384.
Dogecoin price moves have struggled to sustain gains higher in recent weeks since early August. After rising to $0.35 in August, a strong recovery was followed by mid-August. However, DOGE/USD will drop around 20 percent to the $0.28 zone.
This was followed by a fresh upward attempt at the end of August. However, the lower high is set below $0.33, which should then push DOGE/USD to further lows around $0.265.
However, the DOGE/USD price action started to rebound from the 0.265 USD support. The meme coin hit a higher low of $0.27 in early September with a simultaneous rally and higher highs. Currently, DOGE/USD is turning rapidly to make a lower high with $0.2300 serving as support, which is likely to produce DOGE lower later this week.
Dogecoin price analysis: conclusion
Today’s analysis of Dogecoin price is bearish for the next 24 hours as a new lower high was set earlier today after a brief dip to $0.24 where the coin was unable to sustain its rebound. Therefore, we expect DOGE/USD to move down in the next 24 hours and start its journey to lower support levels.