Dogecoin Price Analysis: DOGE rejects upside at $0.23 again, looks to decline today

Dogecoin Price analysis

TL;DR Breakdown

  • Dogecoin price analysis is bearish today.
  • DOGE/USD saw another test of upside earlier today.
  • Bearish momentum returned this morning.

Dogecoin price analysis is bearish today as we expect further downside to follow over the next 24 hours after further upside was rejected again overnight. Therefore, DOGE/USD has set a double top, likely leading to more downside later today.

Dogecoin Price Analysis: DOGE rejects upside at $0.23 again, looks to decline today 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has traded with mixed results over the last 24 hours. Bitcoin has declined by 2.1 percent, while Ethereum has seen a gain of 0.91 percent. Meanwhile, Dogecoin (DOGE) trades in the green, with a gain of 5.75 percent.

Dogecoin price movement in the last 24 hours: Dogecoin spikes to $0.227, rejects further upside overnight

DOGE/USD traded in a range of $0.2033 – $0.2252, indicating strong volatility over the last 24 hours. Trading volume has spiked by 148.8 percent, totaling $2.4 billion, while the total market capitalization trades around $28.44 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE looks to retrace previous gain

On the 4-hour chart, we can see bearish momentum returning this morning for the Dogecoin price, likely leading to a strong retracement today.

Dogecoin Price Analysis: DOGE rejects upside at $0.23 again, looks to decline today
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price has seen bearish momentum return over the last week. After several days of consolidation above $0.215, DOGE/USD spiked to $0.186, setting a strong lower low.

However, a quick reaction higher followed after further downside was tested again on the 28th of November. A higher low was set, leading DOGE to move above the $0.215 previous support, turned resistance.

Yesterday, the Dogecoin price peaked below $0.23, with the second test of upside seen overnight. Clear rejection for further upside was seen again, leading to bearish momentum taking over this morning.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish today as further upside was rejected again overnight, leading to a drop to $0.215 this morning. Likely we will see DOGE/USD continue even lower later today, as bears look to set another higher low.

While waiting for Dogecoin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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