- Dogecoin price analysis is bearish today.
- DOGE/USD has seen a 16 percent spike higher since the last low.
- Rejection for further upside is seen at $0.14.
Dogecoin price analysis is bearish today as we expect a retracement to follow after a massive spike to $0.14 and rejection for further upside over the last hours. Likely, DOGE/USD will see a move towards $0.125 previous resistance to retest it as support.
Bulls have continued to push the overall market higher over the last 24 hours. The leaders, Bitcoin and Ethereum, have gained 3.05 and 2.5 percent, respectively. Meanwhile, Dogecoin (DOGE) is among the top performers with 8.43 percent.
Dogecoin price movement in the last 24 hours: Dogecoin rejects further upside as bulls are exhausted
DOGE/USD traded in a range of $0.1246 – $0.1406, indicating strong volatility over the last 24 hours. Trading volume has spiked by 402 percent, totaling $2.36 billion, while the total market cap trades around $18 billion, resulting in a market rank of 12th place.
DOGE/USD 4-hour chart: DOGE looks to retrace?
On the 4-hour chart, we can see selling pressure taking over as bulls are finally exhausted, likely leading to a considerable retracement over the next days as the market is overextended.
The Dogecoin price has rapidly gained bullish momentum over the past weeks. After finding support at the $0.11 mark during the middle of March, DOGE/USD started to finally set higher local highs and lows over the following week.
Initial resistance was seen at $0.125 on the 19th of March and retested on Tuesday, potentially indicating reversal back to the downside. However, a swift break higher followed during the middle of yesterday.
Since then, the Dogecoin price action has rallied above $0.135 next resistance and set a new major swing high at $0.14. This likely means that the overall market structure has turned very bullish as of now.
However, retracement needs to be set before more upside can be reached. Therefore, DOGE/USD will likely decline later in the week to find another base from which to rally.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we have seen a strong advance to $0.14 result in an overextension in the market. Therefore, DOGE/USD should retrace later in the week to establish another higher low from which to continue even higher next month.