Dogecoin price analysis: DOGE pauses above $0.061, ready to break lower?
Dogecoin price analysis is bearish today as we have seen further decline and not much reaction higher after slight consolidation was formed at the $0.061 mark. DOGE/USD will likely break even lower and look to push towards further lows.
The market has traded in the red over the last 24 hours. Bitcoin lost 4.3 percent, while Ethereum declined by 7.67 as one of the worst performers for the day. Meanwhile, the rest of the top altcoins performed in between the two majors.
Dogecoin price movement in the last 24 hours: Dogecoin xxx
DOGE/USD traded in a range of $0.06071 to $0.06431, indicating substantial volatility over the last 24 hours. Trading volume has increased by just 0.32 percent, totaling $310.85 million, while the total market cap trades around $8.152 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE fails to recover
On the 4-hour chart, we can see consolidation formed below previous support at $0.0625, which, if not broken, should help the Dogecoin price to push even lower later today.
Dogecoin price action saw a strong reversal last week as the previous ascending support trendline was broken in a strong way. After several days of strong decline, DOGE/USD had reached previous major support at $0.0625.
After some initial hesitation, DOGE spiked lower late yesterday, reaching $0.061 support. Consolidation followed since then, while attempts to recover were rejected at the $0.0625 support turned resistance.
Additionally, selling pressure has continued to increase over the past hours, indicating that a break even lower will follow overnight. Likely the $0.058 support will be reached later in the week, setting a strong lower swing low after a strong higher swing low was set last week.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we have seen consolidation above $0.061 and failure to regain bullish momentum after another strong push lower. Therefore, we assume that the $0.0625 previous support has now been retested as resistance and DOGE/USD is ready to push even lower later in the week.