Dogecoin price analysis: DOGE retests $0.06, further decline overnight?
Dogecoin price analysis is bearish today as we have seen retest of previous support result in a reaction back to $0.06 resistance. However, DOGE/USD has already slowed down its advance, indicating that another lower local high will soon be set.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 1.9 percent, while Ethereum 5.7 percent. Meanwhile, Ripple (XRP) gained 11.8 percent and was the top performer of the day.
Dogecoin price movement in the last 24 hours: Dogecoin fails to break $0.056
DOGE/USD traded in a range of $0.05638 to $0.06048, indicating substantial volatility over the last 24 hours. Trading volume has increased by 64.2 percent, totaling $407.43 million, while the total market cap trades around $7.86 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE prepares to continue lower?
On the 4-hour chart, we can see buying pressure slowing down over the last hours, indicating that another lower local high will soon be set, and DOGE will pivot lower from there.
Dogecoin price has seen a strong lower low set over the past days after a quick 10 percent drop at the beginning of the week. DOGE/USD found support at $0.056, indicating that the overall market sentiment is still very bearish.
From there, DOGE quickly retraced to $0.06, where a clear lower high was set once again, further confirming bearish sentiment. Consolidation followed later in the week as the market was indecisive until another rejection for upside was made late yesterday.
Overnight, Dogecoin price spiked as low as the $0.056 support, where a reaction higher was seen as sellers were not yet strong enough. As a result, DOGE/USD retraced one more time and currently looks to set another lower local high, likely before another attempt to break lower follows over the next days.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we have seen bounce from the $0.056 support and reaction back to $0.06 resistance. Therefore, we expect another lower high to be set overnight, opening the way for DOGE/USD to decline even further over the rest of the week.