- DOGE rallied to the $0.29 mark yesterday.
- Further upside heavily rejected.
- Dogecoin is set for another retracement.
Dogecoin price analysis is bearish for the next 24 hours as the market could not move past the $29 mark overnight and saw a heavy rejection. Therefore, we expect DOGE/USD to retrace lower again and attempt to set another higher low next.
The cryptocurrency market traded in the red over the last 24 hours as bears took over momentum overnight. Bitcoin is down by 3.61 percent, while Ethereum is down by 4.12 percent. Ripple (XRP) is the best performer, with a gain of 7.6 percent.
Dogecoin price movement in the last 24 hours: Dogecoin briefly tests the $0.29 mark
DOGE/USD traded in a range of $0.2611 – $0.2941, indicating mild volatility over the last 24 hours. Trading volume has increased by 53.8 percent and totals $6 billion, while the total market capitalization trades around $34.8 billion.
DOGE/USD 4-hour chart: DOGE tests the $0.26 support
On the 4-hour chart, we see the Dogecoin price retracing back to the $0.26 support as another higher low needs to be set before further upside can be tested.
Dogecoin price action has seen a strong bullish momentum return this week. After consolidating around the $0.20 mark as the end of July, bulls gathered momentum and pushed DOGE/USD towards the $0.28 mark.
From there, DOGE retraced and retested previous high resistance as support of around $0.23. On Monday, DOGE/USD rallied higher again until the $0.29 mark was reached yesterday.
Since a strong resistance level was reached, DOGE saw a quick rejection for further upside and retested the $0.26 mark as support. Therefore, we can see Dogecoin price action consolidating around this price mark latest today as bulls prepare for another rally higher.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish for the next 24 hours as the market saw a heavy rejection from the $0.29 resistance earlier today. Bears have pushed DOGE/USD back to $0.26 support, where another higher low will likely be established before we can expect further upside.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.