Dogecoin price analysis is bearish today as we have seen a strong push higher towards $0.07 resistance and rejection lower over the past hours. Therefore, we expect DOGE/USD to start retracing and set a lower local high later in the week.
The market has traded with strong buying pressure over the last 24 hours. The leaders, Bitcoin and Ethereum, gained 8.96 and 12.92 percent, respectively. Meanwhile, Dogecoin followed with an almost 7 percent gain.
Dogecoin price movement in the last 24 hours: Dogecoin continues testing upside
DOGE/USD traded in a range of $0.06535 to $0.06967, indicating strong volatility over the last 24 hours. Trading volume has increased by 70 percent, totaling %674.84 million, while the total market cap traded around $9.2 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE ready for more downside?
On the 4-hour chart, we can see rejection at $0.07 resistance indicating that bulls are exhausted, and decline will follow overnight.
Dogecoin price action saw a strong retrace last week as most of the previous upswing was retraced. Eventually, support was found at $0.06, quickly sending DOGE/USD back above $0.0625.
From there, DOGE continued even higher yesterday, reaching back above $0.065 with some resistance seen at $0.067. A quick retest of the $0.065 as support was seen this morning, with more bullish pressure seen during the middle of the day.
Later today, the Dogecoin price reached the next major resistance at $0.07, where a slight reaction lower was seen. Therefore, we could see another swing lower high set over the next hours, sending DOGE/USD into another strong decline by the end of the week.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as another lower swing high has likely been set at the $0.07 resistance. Likely, DOGE/USD will soon begin declining, and bears will look to reach back towards the $0.065 next local support.