Dogecoin price analysis is bearish today as we have seen further tests of downside and rejections for upside below the $0.07 mark. Therefore, DOGE/USD is ready to continue even lower and break the several-day ascending support trendline.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.81 percent, while Ethereum over 1.4 percent. Meanwhile, the rest of the top altcoins traded with low volatility, mixed results.
Dogecoin price movement in the last 24 hours: Dogecoin retraces further
DOGE/USD traded in a range of $0.06894 to $0.07049, indicating mild volatility over the last 24 hours. Trading volume has declined by 35.84 percent, totaling $284.47 million, while the total market cap trades around $9.23 billion, resulting in a market rank of 10th place.
DOGE/USD 4-hour chart: DOGE looks to break down?
On the 4-hour chart, we can see further rejection for recovery, indicating that DOGE/USD could see further downside tested later in the weekend.
Dogecoin price action has seen further upside over the week with another two clear waves higher. After the last local higher low was set during the middle of the week, the current swing high was rapidly reached at the next major resistance at $0.073 yesterday.
Since then, DOGE/USD has retraced to the $0.069 support as well as the previously formed ascending support trendline. Consolidation has followed over the last 24 hours, indicating that another higher low could potentially be set.
However, for now, there are no signs of recovery. Likely Dogecoin price will look to break even lower and retrace even further. Alternatively, if bullish momentum re-appears and the $0.07 resistance gets broken, we expect another rally to follow early next week.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we have seen consolidation continue along the several-day ascending support trendline. Likely this support will soon break as further upside could not be reached over the past 24 hours, and further push higher will follow by the end of the weekend.