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.
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 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.
