Dogecoin Price Analysis: DOGE defends $0.2 support vigorously

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    TL;DR Breakdown

    • DOGE/USD is bearish on the daily dogecoin price analysis
    • DOGE/USD pair is trading within an extremely tight daily range 
    • We anticipate DOGE/USD to continue to fall in the coming 24 hours.

    Today’s Dogecoin price analysis shows bearish signals for the next 24 hours, after the $0.2500 overhead resistance was broken further, bringing the meme coin into a tight trading range. As a result, we anticipate that the DOGE/USD pair will fall further towards the $0.21 support and test deeper lows.

    Dogecoin Price Analysis: DOGE defends $0.2 support vigorously 1

    Cryptocurrency heat map. Source: Coin360

    The crypto market is trading in the red zone, with the majority of coins shedding value. Bitcoin dropped by 1.16%, Ethereum declined by 3%, and Binance Coin decreased by 2.79% percent on Tuesday. Avalanche was the best performing altcoin of the day after it went up by 6%.

    Dogecoin price movement in the last 24 hours: Dogecoin stuck below $0.25

    The DOGE/USD pair is trading within an extremely tight daily range of $0.1999 to $0.2124, suggesting a mildly volatile market. Meanwhile, the total trading volume for the meme coin fell by 26.1 percent and totaled $1.28 billion, while the overall market capitalization was valued at around $31

    DOGE/USD 4-hour chart: DOGE to continue consolidating?

    On the 4-hour chart, we may observe a rejection at $0.2430, suggesting that the consolidation phase will continue later in the day.

    Dogecoin Price Analysis
    DOGE/USD 4-hour chart. Source: TradingView

    The price of Dogecoin has been following an extremely volatile path since its inception. In August, after establishing a new swing high at $0.35, the price of Dogecoin collapsed by more than 90%. DOGE/USD subsequently fell by two sequences to reach a low of $0.265 in December 2017 before making up some

    In the fourth week of September, DOGE/USD began an upward trend to a higher high and eventually established a somewhat higher high beyond the previous resistance at $0.30. Bulls, on the other hand, grew weary near $0.31, where the meme coin’s price has fallen dramatically ever since.

    Dogecoin Price Analysis: Conclusion 

    As anticipated, today’s Dogecoin price prediction is that the bulls will be exhausted and DOGE/USD will trade bearishly. As a result, we anticipate DOGE/USD to continue to fall in the coming 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.