Dogecoin price analysis: DOGE slowly retests $0.06, reaction higher overnight?
Dogecoin price analysis is bullish today as we expect a bounce from the $0.06 support and a retest of the upside overnight. DOGE/USD will likely move back above $0.061, where another lower high will be set.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.87 percent, while Ethereum 2.18 percent. Meanwhile, the rest of the market has traded with similar or slightly worse results.
Dogecoin price movement in the last 24 hours: Dogecoin declines back to $0.06
DOGE/USD traded in a range of $0.05967 to $0.06146, indicating mild volatility over the last 24 hours. Trading volume has declined by 52.16 percent, totaling $213.3 million, while the total market cap traded around $7.95 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE looks to spike higher?
On the 4-hour chart, we can see rejection for further downside, indicating that more upside will soon be tested.
Dogecoin price action has traded in a consolidation over the past week. After the previous retrace ended at $0.059, DOGE/USD found consolidation area above $0.06, where no significant price action development took place until Friday.
Overnight to yesterday, strong bullish momentum took the market as high as the $0.063 resistance, where an immediate reaction lower followed. Eventually, DOGE retraced back towards previous support, indicating that another rally is unlikely over the next week.
Therefore, we expect Dogecoin price to move higher once again to set another lower local high over the next few days. From there, DOGE/USD should attempt another break lower, likely to the $0.058 support.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bullish today as we have seen a substantial drop back to the $0.06 support over the past day. However, since a break lower did not follow, we expect DOGE/USD to begin rallying higher over the next few days.