Dogecoin price analysis is bullish today as we have seen sideways momentum above the $0.0625 support over the past day. Therefore, DOGE/USD looks to retrace early next week and look to set another lower high.
The market has traded with slight bullish momentum as consolidations continue across the board. The leader, Bitcoin, gained just 0.1 percent, while Ethereum by 0.93 percent. The rest of the market tracked the two majors close by.
Dogecoin price movement in the last 24 hours: Dogecoin forms consolidation
DOGE/USD traded in a range of $0.06277 to $0.06425, indicating low volatility over the last 24 hours. Trading volume has declined by 39.73 percent, totaling $278.4 million, while the total market cap trades around $8.48 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE looks to retrace?
On the 4-hour chart, we can see consolidation continuing today as sellers are exhausted, and DOGE/USD looks to retrace some of the previous loss.
DOGE/USD 4-hour chart. Source: TradingView
Dogecoin price action has traded within a consolidation around $0.0 68 over the past week. Further attempt to break lower was initially unsuccessful, leading to push higher.
However, DOGE/USD could not move higher as the $0.072 resistance before reversal back lower followed. From there, selling pressure continued, leading to the $0.0625 support on Friday.
Consolidation followed once more, indicating that sellers were exhausted once more. Therefore, we expect DOGE/USD to retrace higher early next week and look to set another lower local high.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bullish today as we have seen consolidation over the last 24 hours after a strong drop to the $0.0625 support. Likely, DOGE/USD will look to reverse and retrace next, with the target for another lower local high at $0.068 resistance.