Dogecoin price analysis is bearish today as we expect another drop to follow after failure to move higher. Likely DOGE/USD will look to return to the $$0.065 support and test even further downside later in the week.
The market has traded with a slight bullish momentum over the last 24 hours. The leader, Bitcoin, lost 0.02 percent, while Ethereum gained just 0.97 percent. Meanwhile, the rest of the top altcoins followed close by.
Dogecoin price movement in the last 24 hours: Dogecoin fails to continue higher?
DOGE/USD traded in a range of $0.06645 to $0.06894, indicating mild volatility over the last 24 hours. Trading volume has increased by 4.35 percent, totaling $408.5 billion, while the total market cap trades around $9 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE looks to continue lower?
On the 4-hour chart, we can see upside rejected again over the last hours, indicating that more downside should follow overnight. Likely, DOGE/USD will look to break below $0.065 and retrace even further later in the week.
Dogecoin price action has continued to retrace earlier this week as a new higher high was set at the $0.07 mark. From there, a quick retrace that set a higher local high followed at the $0.066 support.
Therefore, the week-long retracement still continues. However, the current attempts to move even higher have failed with strong rejection, indicating that further downside is due.
This means that the Dogecoin price action is ready to retest further downside. The DOGE/USD will likely return to previous lows and attempt to break even further.
Important is to watch how the price will react over the next 24 hours. If a higher local low is set again, we could see another push higher later this week. Alternatively, the market will break down even lower.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we have seen a failure to reach further upside after further consolidation. Likely ETH/USD will reverse and look to push towards further downside over the next days as bullish momentum has exhausted itself once more.