Dogecoin price analysis is bearish today as we have seen another strong push higher being met with resistance at the $0.069 mark. Therefore bulls are likely exhausted, and DOGE/USD is ready to retrace later today, likely leading to another higher low set tomorrow.
The cryptocurrency market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 4.42 percent, while Ethereum gained over 10.5 percent. The rest of the market followed with results between the two majors.
Dogecoin price movement in the last 24 hours: Dogecoin rallies higher again
DOGE/USD traded between $0.0631 to $0.06867, indicating strong volatility over the last 24 hours. Trading volume has increased by 88 percent, totaling $498.77 million, while the total market cap trades around $8.977 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE begins to retrace
On the 4-hour chart, we can see the Dogecoin price quickly declining after a touch of the $0.069 mark, indicating that more downside will be tested overnight.
Dogecoin price action has seen a strong reversal from the previous downswing over the second half of last week. After the initial higher local low was set, a clean break of $0.0625 resistance resulted in the first sign of a shift in momentum.
Another higher high followed yesterday, further strengthening the market structure. Later in the day, a higher local low was set once more, setting up DOGE/USD for another strong push higher.
Rapid decline began overnight, quickly bringing Dogecoin price action above $0.065. From there, a quick spike took the market to $0.069 resistance before a strong reversal followed over the past hours.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we have seen a sharp reaction at the $0.069 mark over the past hours indicate that retracement is in progress. Therefore, we expect another higher local low to be set over the next days.
While waiting for Dogecoin to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.
