- Dogecoin price analysis is bearish today.
- $0.28 mark prevented further upside yesterday.
- DOGE/USD is likely to retrace again.
The Dogecoin price is bearish today, as the price has been rebuffed after another advance was solidified at $0.29 this morning, following a consolidation around $0.28 earlier. DOGE/USD most likely needs to decline again and create another higher low before further appreciation can be explored.
Cryptocurrency heat map. Source: Coin360
According to Coin360 cryptocurrency heatmap, the overall market traded mostly with bearish momentum over the last 24 hours. Bitcoin lost 3.8 percent, while Ethereum shed 2.87 percent. Meanwhile, Ripple (XRP) is the worst performer of the day with a 24-hour negative change of 6.7 percent.
Dogecoin price movement in the last 24 hours: Dogecoin consolidates around $0.26 after failing to reach $0.28
Over the course of the last 24 hours, DOGE/USD moved between a low of $0.2529 and a high of $0.2600, demonstrating mild amounts of price fluctuations. Trading volume has decreased by 10.65 percent to $2.84 billion, while the market capitalization is valued at around $37 billion, putting DOGE in the position of the 10th currency in market cap rankings.
DOGE/USD 4-hour chart: DOGE rejects upside again, prepares to retrace?
On the 4-hour chart, we can see that Dogecoin’s price has recovered to $0.28 after failing to rise this morning.
At the end of October, Dogecoin’s price action was extremely volatile. A strong reversal occurred after a massive drop to $0.22 on the 27th of October, leading to further volatility.
On the 28th of October, Dogecoin’s price soared by 40 percent in a few hours, moving to $0.34. However, Dogecoin was unable to maintain these price levels for long, resulting in a gradual retracement over the end of October.
On Tuesday, December 7, the $0.25 handle was tested for a second time and supported after the first occasion sparked a reaction rally beginning November 1. A push higher ensued, resulting in a high set below $0.30 early yesterday morning.
The price started to consolidate but it quickly reversed, indicating that the Dogecoin price is not yet ready to resume its previous major swing high. Before we can observe further upside tested, another retracement that establishes a higher low is required.
Dogecoin Price Analysis: Conclusion
Dogecoin’s price is bearish today, as we anticipate another retracement following the rise that was rejected this morning. DOGE/USD isn’t yet ready to climb any higher, indicating that a new peak may be set later this week.