Dogecoin price analysis: DOGE swiftly retests $0.069, ready to retrace?

Dogecoin price analysis is bearish today as we have seen consolidation after failure to reach further downside. However, as further upside got rejected twice more, we expect DOGE/USD to continue lower later in the week.

Dogecoin price analysis: DOGE swiftly retests $0.069, ready to retrace? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 0.82 percent, while Ethereum gained over 4 percent. Meanwhile, Solana (SOL) was the top performer with over 10 percent gain.

Dogecoin price movement in the last 24 hours: Dogecoin continued sideways

DOGE/USD traded in a range of $0.0655 to $0.06867, indicating moderate volatility over the last 24 hours. Trading volume has increased by 21.22 percent, totaling $528.5 million, while the total market cap trades around $9 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE rejects upside again

On the 4-hour chart, we can see another failure to break higher over the past hours, indicating that more downside will follow later in the week as further downside will be retested.

Dogecoin price analysis: DOGE swiftly retests $0.069, ready to retrace?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has seen a steady advance over the past few days. From the $0.058 previous low, DOGE/USD set several higher highs until the $0.069 major resistance was reached.

This means that most of the loss seen during the beginning of July has been retraced, and we could see a reversal back to the downside soon. However, for now, no lower low has been set, indicating that we can expect further attempts to rally once a higher local low is set later in the week.

Likely Dogecoin price will fail to break higher later today as the $0.069 mark seems to still offer strong resistance. This means that DOGE/USD should see a drop below $0.065 closest support, where another higher low will be set over the next days.

Once that is done, we expect another attempt to push above $0.069. In case DOGE drops below $0.0625, we expect further downside to be reached by the end of the week. 

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen a slight retrace immediately turn into consolidation. Therefore, DOGE/USD is likely not ready to continue higher and will look to retrace even further over the next few days. 

While waiting for Dogecoin to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.

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