- Dogecoin price analysis is bearish today.
- Dogecoin is currently trading at $0.2615.
- DOGE/USD is likely to retrace.
The Dogecoin price is bearish today, as the price has been rejected following another advance was cemented at $0.29 this morning, after a consolidation around $0.28 previously. Before further appreciation can be looked for, DOGE/USD must likely decline again and establish another higher low.
The Dogecoin price has moved back downwards this morning, following the previous advance to $0.29 earlier this week, which was short-lived. A consolidation was seen around $0.28 before another move upwards occurred yesterday, which was pushed below the previous day’s high of $0.30 at $0.2976 about an hour ago now, which was enough to force a rejection at that level so far today and turn price southwards again for now as it heads towards the next support around $0.25 to $0.26.
Dogecoin price movement in the last 24 hours: Dogecoin trades in a tight range
So far today, the price has tested the previous day’s low of $0.29 briefly and turned back south again initially, but the bears could not hold onto this level. We’re seeing a little bit of follow-through northwards now, which may lead to another test of the previous high at $0.2976 soon before further decline ensues expectedly. The following support is located at $0.25 to $0-26 area where some traders have been scalping from, so I would expect that area to be tested before any significant bearish action can take place due to how deep it is in terms of daily chart structure for DOGE/USD.
I remain bearish on Dogecoin for now until the price can show signs of reversing back upwards. This means that I am looking to sell at the next possible higher high, which is expected to be formed around $0.28 – $0.29 area where strong support has already been seen previously and near the 100 hourly simple moving average as well, which should hold as a new resistance level if it is tested again soon.
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.
Dogecoin’s price volatility picked up at the end of October. A strong reversal occurred after a stunning decline to $0.22 on October 27th, further trading upheaval.
Dogecoin’s price rose by 40% in a few hours on October 28th, reaching $0.34. However, Dogecoin could not maintain these price levels for long, and a gradual retracement followed throughout November.
For now, I remain neutral on the Dogecoin price as we wait for further price action to develop in either direction before getting involved in any potential trade setups.
Dogecoin continues to generate mainstream media exposure. Its community dispels false information about cryptocurrency still being used for nefarious purposes by criminals and how it only has value because of the community that backs it.
Dogecoin Price Analysis: Conclusion
The price of Dogecoin has been bearish since this morning when we anticipated another retreat following the rise that was rejected this morning. DOGE/USD isn’t yet ready to climb any higher, suggesting that a new peak may be reached later this week.
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