- Dogecoin price analysis is bearish today.
- DOGE/USD found resistance at $0.18.
- Rejection for further upside is currently seen.
Dogecoin price analysis is bearish today as we expect another drop to follow after further upside was rejected today. Therefore, DOGE/USD will likely move for another test of $0.16 support.
The cryptocurrency market has seen mostly bullish momentum over the last 24 hours. The market leader, Bitcoin, lost 0.17 percent, while Ethereum 0.42 percent. Meanwhile, Dogecoin (DOGE) is among the top performers, with a gain of almost 6 percent.
Dogecoin price movement in the last 24 hours: Dogecoin rallies to retest $0.18 resistance
DOGE/USD traded in a range of $0.1713 – $0.1789, indicating mild volatility in the market over the last 24 hours. Trading volume has increased by 65 percent, totaling $1.06 billion. Meanwhile, the total market cap trades around $23.27 billion, ranking the coin in 12th place overall.
DOGE/USD 4-hour chart: DOGE looks to reverse again?
On the 4-hour chart, we can see the Dogecoin price being rejected from the $0.18 over the past hours, likely meaning another move lower will follow.
Dogecoin price has seen bullish momentum return after several days of decline. From the previous major swing high, DOGE/USD retraced over 25 percent as support was found above $0.16 on the 17th of December.
Another test of support followed on the 20th of December, leading to a strong rally from there. Yesterday, the $0.18 mark was reached and was followed by a slight reaction higher.
Today, the Dogecoin price made another attempt to push higher above $0.18. However, bears quickly took over, resulting in a bearish pin-bar formed. Likely, DOGE/USD is ready to move lower again, potentially looking to set a higher low next.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish today as further upside was rejected. Therefore, we expect DOGE/USD to head lower again, likely retesting the $0.16 previous major support.