- Dogecoin price analysis is bearish today.
- DOGE/USD spiked to $0.22.
- Selling pressure is currently returning.
Dogecoin price analysis is bearish today as we expect a sharp reversal to follow after a 40 percent spike higher over the past hours. Likely DOGE/USD is headed towards the previous major resistance at $0.18 next to retest it as support.
The cryptocurrency market has seen mostly bearish momentum over the last 24 hours. Both Bitcoin and Ethereum are in the red, with a loss of 2.27 and 3.66 percent, respectively. Meanwhile, Dogecoin (DOGE) is among the top performers today, with a gain of around 24 percent.
Dogecoin price movement in the last 24 hours: Dogecoin finds resistance at $0.22, gains over 40 percent since morning
DOGE/USD traded in a range of $0.152 – $0.2129, indicating strong volatility over the last 24 hours. Trading volume has spoiled by 685 percent, totaling $5.69 billion. Meanwhile, the total market cap trades around $25.6 billion, ranking the coin in 9th place overall.
DOGE/USD 4-hour chart: DOGE rejects further upside
On the 4-hour chart, we can see the Dogecoin price currently reacting lower as bulls cannot sustain the current price levels any longer.
Dogecoin price has seen slow sideways movement since the major spike lower on the 4th of December. After a new low was found at $0.13, DOGE/USD quickly recovered to $0.18 resistance.
Below the $0.18 mark, DOGE traded for over a week, with a second retest seen early last week. After some consolidation below the resistance, a slow decline began again, leading to a new lower low set below $0.16.
Late Yesterday, the Dogecoin price reached a new low at $0.1514. However, slow reversal began overnight. After regaining some of the loss, DOGE/USD started to rapidly advance higher as soon as the $0.16 mark was reclaimed. Since then, DOGE has seen over a 40 percent spike higher, with a new swing high set at $0.22.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish today as we expect retracement from the previous spike high to follow later. Likely, DOGE/USD will look to move towards the previous major resistance at $0.18 as a place where support could be found again.