Dogecoin price analysis is bearish today as we have seen strong rejection for further upside after a slightly higher local high set. Likely, DOGE/USD will start to decline later today, allowing bears to retest previous resistance levels as support.
The market has tested more upside over the last 24 hours. The leader, Bitcoin, gained 2.43 percent, while Ethereum just 0.1 percent as it lagged behind. Meanwhile, Dogecoin (DOGE) has increased by 5 percent and was among the best performers.
Dogecoin price movement in the last 24 hours: Dogecoin tested further upside
DOGE/USD traded in a range of $0.06819 to $0.07391, indicating substantial volatility over the last 24 hours. Trading volume has increased by 1.49 percent, totaling $747.64 million, while the total market cap trades around $9.6 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE ready to retest downside?
The 4-hour chart shows the Dogecoin price action starting to reverse after a strong rejection lower earlier today.
Dogecoin price action has seen a strong push higher over the past days. After a new low was set above $0.06 on Tuesday, DOGE/USD started to reverse and push higher over the middle of the week.
Eventually, DOGE retraced almost all of the previous gain, reaching $0.072. From there, a quick reaction lower set strong higher local low before more buying pressure resumed overnight to today.
This morning, the Dogecoin price has already broken past the previous local high, pushing towards $0.0745, where another rejection was seen. Likely this price structure indicates that another reversal will follow over the next days, potentially bringing DOGE/USD to retest $0.069.
However, if the support is not broken, we can expect DOGE to continue higher next week, with the $0.078 monthly high as the next target to the upside. Alternatively, if the $0.068 previous local low is broken, we expect another strong push lower next week.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we have seen a failure to set a substantial higher high and a quick rejection lower earlier today. Therefore, we expect retrace to follow soon, leading DOGE/USD back towards the $0.069 support.