- Dogecoin price analysis is bearish today.
- $0.29 mark prevented further upside.
- DOGE/USD is likely to retrace again.
Dogecoin price analysis is bearish today as we saw further upside rejected at $0.29 this morning after a consolidation around $0.28 earlier. Likely, DOGE/USD needs to retrace again and set another higher low before further upside can be tested.
The cryptocurrency market saw bullish momentum continue over the last 24 hours. Bitcoin gained 3.3 percent, while Ethereum 1.67 percent. Meanwhile, Litecoin (LTC) was the top performer, with a gain of around 20 percent.
Dogecoin price movement in the last 24 hours: Dogecoin consolidates around $0.28 after failing to reach $0.30
DOGE/USD traded in a range of $0.2758 – $0.2897, indicating substantial volatility over the last 24 hours. Trading volume has declined by 10.65 percent and totals $2.84 billion, while the total market cap trades around $37 billion, ranking the coin in 9th place overall.
DOGE/USD 4-hour chart: DOGE rejects upside again, prepares to retrace?
On the 4-hour chart, we can see the Dogecoin price action returning to $0.28 after a failure to move higher this morning.
Dogecoin price action saw strong volatility by the end of October. After a massive spike lower to $0.22 on the 27th of October, a sharp reversal followed.
A day later, on the 28th of October, DOGE/USD saw a rapid move higher to $0.34, meaning a gain of over 40 percent in a couple of hours. However, Dogecoin could not sustain these price levels for long, leading to a steady retracement over the end of October.
Late last week, the $0.25 mark was retested as support, after the first time led to a reaction higher at the beginning of November. What followed was a push higher, leading to a higher high set below $0.30 early yesterday.
Selling pressure quickly returned from there, indicating that the Dogecoin price is not yet ready to move towards the previous major swing high. Another retracement that sets a higher low is needed before we can see further upside tested.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish today as we expect another retracement to follow after the upside was rejected this morning. DOGE/USD is not yet ready to reach more upside, likely leading to another higher low set later this week.