Dogecoin price analysis is bearish today as we have seen failure to retrace further, and consolidation formed below $0.68. Therefore, DOGE/USD is ready to drop further and continue its way towards a lot more downside next week. Likely the first target is the $0.61 mark, which previously acted as a clear support and resistance level.
The market has traded with slight bullish momentum over the last 24 hours. The leader, Bitcoin, lost 0.36 percent, while Ethereum by 2.17 percent. Meanwhile, the rest of the top altcoins have followed close by.
Dogecoin price movement in the last 24 hours: Dogecoin forms consolidation as bullish momentum gets exhausted
DOGE/USD traded between $0.06528 to $0.06769, indicating mild volatility over the last 24 hours. Trading volume has declined by 28.6 percent, totaling $298 million, while the total market cap trades around $8.68 billion, resulting in a market rank of 10th place.
DOGE/USD 4-hour chart: DOGE ready to drop further?
On the 4-hour chart, we can see red candles formed over the past hours, indicating that the Dogecoin price will soon return below $0.65 and look to drop to $0.61.
Dogecoin price action has reached a new major swing high this week. After several days of strong bullish momentum, DOGE/USD peaked at $0.78 as most of the previous loss in the first half of June was regained.
However, since another lower high was set and bullish momentum became exhausted, DOGE saw selling quickly return at the beginning of the week. The previous support/resistance level was quickly reached, with further downside tests seen on Thursday.
From there, DOGE/USD consolidated and slowly started to pivot lower. Local lower highs were set, confirming the upcoming continuation to the downside. Therefore, we expect another push lower to begin later today.
Once the selling pressure increases, Dogecoin price should set another lower local low and continue its way towards the $0.50 previous major support later in the week.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we have seen a pivot below $0.68 resistance and a decline towards previous support at $0.68. Therefore, DOGE/USD will likely break even lower and look to test further lower lows early next week. The next target to the downside should be the $0.61 mark.