Dogecoin price analysis is bearish today, as the upside was clearly rejected yesterday, and a lower local high is currently being set. Therefore, we expect DOGE/USD to break above the $0.069 support and start another wave of declines early next week.
The market has been trading in the red for the past 24 hours. The leader, Bitcoin, lost 2.33%, while Ethereum fell more than 0.06%. Meanwhile, Dogecoin (DOGE) saw a slight decline of just over 1%.
Dogecoin Price Movement in the Past 24 Hours: Dogecoin Fails to Continue Higher
DOGE/USD traded in the $0.06895-$0.07203 range, indicating moderate volatility over the past 24 hours. The trading volume decreased by 29.81%, totaling $524.85 million, while the total market capitalization is trading around $9.43 billion, ranking the coin in 10th place overall.
DOGE/USD 4-Hour Chart: DOGE Ready to Decline?
The 4-hour chart shows that Dogecoin price action has been trading with weak momentum since yesterday, likely leading to another retracement early next week.
Dogecoin price action has been trading with strong bullish momentum for most of this week. Since the last low at $0.06, DOGE/USD has quickly gained more than 20% as it tested the resistance at $0.072.
From there, a quick comeback to $0.068 followed on Friday, indicating that the comeback could follow over the weekend. However, little further declines were seen as a higher local low was established, and a new push higher followed.
This time, DOGE climbed above $0.073, with an immediate reaction lower immediately after. Since then, the Dogecoin price has not continued to rise as a lower local high will soon be set, and a reversal will follow over the next few days.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish today as we saw a rejection above $0.073 yesterday as it did not continue today. This means the bulls are likely exhausted and DOGE/USD is poised to break below $0.069 early next week, likely heading back towards the $0.065 mark thereafter.
Until Dogecoin goes further, check out our Siacoin Wallet, Pi Wallet, and LTC Wallet Review articles.