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Dogecoin Price Analysis: DOGE retraces back below $0.31, will it dash back as the weekend approaches?

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TL;DR Breakdown

  • Dogecoin price analysis is bearish on our 24-hour chart
  • DOGE/USD traded between the range of $0.2939 – $0.3122

Dogecoin Price Analysis: General price overview

Dogecoin price analysis is bearish on our 24-hour chart following a downside that took place at the close of yesterday’s session. The meme coin dropped from $0.3100 to $0.2988. Thereby activating sellers who have not been persistent for the last one week. 

Meanwhile, the bulls attempted to recover the price and signed off a daily high at $0.3120 before facing rejection at that point. Bearish momentum pulled Dogecoin price action to a higher low of $0.2954 once again and further pulled it to an intraday low of $0.2939. 

Overall, the cryptocurrency market has been trading in the bearish zone for the last two days. The majority of the coins lost momentum over the last 24 hours. Market leaders BTC and ETH shed 1.79 and 2.02 percent, respectively. However, Solana, Dogecoin, and Cardano gained 11.00 percent, 1.00 percent, and 6.95 percent, respectively. Thereby making Solana the hottest gainer of the day.

Dogecoin price movement in the last 24 hours: Dogecoin downside correction below $0.31

On our Dogecoin price analysis today, DOGE/USD traded between the range of $0.2939 – $0.3122 in the last 24-hours. Trading volume for the coin dropped by 4.4 percent to a total of $5.6 billion. On the other hand, the total dogecoin market capitalization rose by 1.10 percent to approximately $39.14 billion. Ranking the coin 7th among the top ten cryptocurrencies by market capitalization. 

DOGE/USD 4-hour chart:  DOGE prepares to bounce

On our dogecoin price analysis chart, the DOGE/USD pair is firmly rejecting further downsides and building momentum to once more breach the $0.30 overhead resistance. 

Dogecoin price action underwent strong bullish momentum for the past few weeks since the start of August.  The coin rallied from a high bottom of $0.15 to the current market high at $0.31. Representing a 145 percent price rally. 

However, the upward momentum for the coin has been slowing down in the last few days resulting in setting gradual higher highs every time a rally occurs. Thereby pushing market bulls into exhaustion and unable to sustain a strong rally towards the all-time high. 

Dogecoin’s rival Shiba Inu (SHIB) had a successful week since Saturday ahead of a plummet that drove the price to $0.000008. Analysts attributed SHIB’s rally towards $0.00009 to the launch of the Shiba NFT Card, KryptoKards. 

Dogecoin Price Analysis: DOGE retraces back below $0.31, will it dash back as the weekend approaches? 1
Source: TradingView

Dogecoin price analysis conclusion 

Dogecoin price analysis has been bearish since the close of yesterday’s session. We anticipate a high retracement of between 4- 6 percent in the next 24 hours. However, the retracement will only be a catapult for the meme coin to test new highs. And as the weekend approaches, it is reasonable to expect the recovery of incurred losses. 

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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