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Dogecoin Stuck Beneath $0.25 Resistance – Price Analysis

  • DOGE price analysis suggests bearishness.
  • DOGE/USD tried to break out from $0.25.
  • At the moment, the Dogecoin price hovers at $0.2427.

Today’s DOGE actions show that bearishness will dominate in the coming 24 hours. That is after the leading meme coin upsurges encountered resistance at $0.2500. For now, the token trades in a constricted range. With that, the crypto has higher possibilities of plunging towards the support at $0.21 before retesting further downswings.

The overall market had a recovery attitude after the flash crash early last week. Bitcoin gained 0.16%, ETH rose by 0.8% as BNB saw its value increase by 1.20%. Cardano led the altcoin market after gaining 6%. On the other hand, Solana registered the worst performance.

DOGE Stuck Beneath $0.25

According to the daily price analysis, DOGE-USD maintains its trading activities in a tight range from $0.2376 to $0.2479, confirming a highly volatile market. At the same time, Dogecoin’s overall trading volume declined to $1.28 billion after plummeting by 26.1%. On the other side, DOGE’s market cap hovers near $31.04 billion as the token ranks 8th.

4H Price Chart

On DOGE/USD’s four-hour chart, the asset faces rejection around $0.2430, confirming consolidation in the upcoming sessions. The meme coin has endured massive retracement in the past weeks after creating a new upswing at $0.35 in August. However, DOGE/USD saw two downswings – $0.28, then $0.265, from there.

As August ended, Dogecoin kick-started an uptrend forming a higher low before a somewhat higher high beyond its previous resistance level at $0.30. However, bullishness faded at $0.31, and the token has been retracing since then.

Conclusion

DOGE/USD will witness bearishness in the upcoming trading sessions as bulls appear exhausted to conquer the resistance level at $0.25. Market players should expect the pair to retrace lower in the coming 24 hours.

Broader market support is essential to support Dogecoin’s upside price actions. If the crypto space sees magnified buyer’s reactions, the meme token will recover from its bearish outlook. Meanwhile, BTC battles around the $46K zone as it awaiting correct sentiments to support upsurges.

What are your views on the meme market? Will DOGE ever see extended surges? You can share your thoughts in the section below.

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