Dogecoin price analysis is bearish today as we have seen a strong push lower result in a break below the $0.065 support. Since selling pressure is still strong, we expect DOGE/USD to target the $0.625 mark next.
The market has traded in the red over the last 24 hours. Trading volume has declined by 1.36 percent, while Ethereum by over 1.5 percent. The rest of the top altcoins have continued to decline.
Dogecoin price movement in the last 24 hours: Dogecoin tests further downside
DOGE/USD traded in a range of $0.06368 to $0.06769, indicating a moderate amount of volatility. Trading volume has increased by 8.24 percent, totaling $306.28 million, while the total market cap trades around $8.54 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE targets $0.0625 next?
On the 4-hour chart, we can see strong selling pressure over the past hours, with no clear indication of any potential reversal just yet. Likely this means that DOGE/USD will push even lower overnight.
Dogecoin price action has seen a strong swing high set last week. After a brief spike to the $0.073 mark, DOGE/USD retraced and consolidated above $0.069 support and ascending trendline of support.
However, early yesterday spike lower followed. DOGE started to quickly decline and push towards a lot more downside rapidly. By the end of yesterday, a new low at $0.066 was reached and a further drop followed since then.
Next support at $0.065 was reached rather quickly and broken with not much hesitation. Therefore, we expect Dogecoin price action to decline even lower over the next 24 hours and target the $0.0625 support.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we have seen a lot more downside and break past the $0.065 support earlier today. Therefore, more downside should be tested until the $0.0625 next support.