Dogecoin price analysis is bearish today as upside was clearly rejected yesterday, and a lower local high is currently being set. Therefore, we expect DOGE/USD to break past $0.069 support and begin another wave lower early next week.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 2.33 percent, while Ethereum declined by over 0.06 percent. Meanwhile, Dogecoin (DOGE) saw a slight decline of just over 1 percent.
Dogecoin price movement in the last 24 hours: Dogecoin fails to continue higher
DOGE/USD traded in a range of $0.06895 to $0.07203, indicating moderate volatility over the last 24 hours. Trading volume has declined by 29.81 percent, totaling $524.85 million, while the total market cap trades around $9.43 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE ready to decline?
The 4-hour chart shows the Dogecoin price action trading with weak momentum since yesterday, likely leading to another retrace early next week.
Dogecoin price action has traded with strong bullish momentum over most of this week. From the last swing low at $0.06, DOGE/USD quickly gained over 20 percent as it tested $0.072 resistance.
From there, a quick retrace to $0.068 followed on Friday, indicating that retrace could follow over the weekend. However, not much further downside was seen as a higher local low was set, and further push higher followed.
This time, DOGE spiked above $0.073, with an immediate reaction lower following immediately. Since then, Dogecoin price has failed to continue higher as a lower local high will soon be set, and a reversal will follow over the next days.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we saw rejection above $0.073 yesterday as failure to continue today. This means that bulls are likely now exhausted, and DOGE/USD is ready to drop below $0.069 early next week, likely leading back towards the $0.065 mark next.