- Dogecoin price analysis is bearish today.
- DOGE/USD recovered to $0.17 today.
- Market likely to set another lower high.
Dogecoin price analysis is bearish today as we expect another lower high to be set after a bounce from the $0.16 support. Therefore, DOGE/USD should move for another retest of the support later this week.
The cryptocurrency market has seen bullish momentum return over the last 24 hours. The market leader, Bitcoin, gained 6.62 percent, while Ethereum 5.92 percent. Meanwhile, Dogecoin (DOGE) follows, with a small gain of just under 3 percent.
Dogecoin price movement in the last 24 hours: Dogecoin looks to set another lower high around $0.17
DOGE/USD traded in a range of $0.1615 – $0.1723, indicating substantial volatility over the last 24 hours. Trading volume has increased by 15.6 percent, totaling $829.3 million. Meanwhile, the total market cap trades around $22.63 billion, ranking the coin in 12th place overall.
DOGE/USD 4-hour chart: DOGE to reverse again?
On the 4-hour chart, we can see the first signs of reversal for the Dogecoin price, likely leading to another lower high set around $0.17.
Dogecoin price action has seen bearish momentum over the past week. After a sharp spike higher on the 14th of December, DOGE/USD peaked at $0.22, setting a strong swing high.
However, bulls could not hold the market there for long, leading to a swift drop to $0.17. After some pause, more downside followed later last week, eventually leading to the $0.16 mark briefly tested on the 17th of December.
Consolidation above $0.17 followed over the weekend before another retest of the $0.16 mark was made yesterday. The Dogecoin price reacted higher again and currently trades around $0.17. Likely we will see another lower high set around this price area, leading to another test of the $0.16 support.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish today as we expect another lower high to be set today, leading to another push lower. Therefore, DOGE/USD should see another retest of the $0.16 support by the end of the week.