Dogecoin price analysis is bearish today as we have seen strong rejection above the $0.064 resistance yesterday and a quick decline over the past hours. Since no reaction higher has followed, we expect DOGE/USD to continue even lower and look to test further downside overnight.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 3.76 percent, while Ethereum lost 0.6 percent. The rest of the market followed close by.
Dogecoin price movement in the last 24 hours: Dogecoin fails to recover
DOGE/USD traded in a range of $0.05966 to $0.06464, indicating strong volatility over the last 24 hours. Trading volume has increased by 77.65 percent, totaling $405.23 million, while the total market cap trades around $8 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE breaking past $0.06
On the 4-hour chart, we can see Dogecoin price rapidly pushing lower over the past hours, likely leading to more downside overnight.
Dogecoin price action has traded within consolidation area for the past days as the $0.064 resistance was found after the previous wave lower. Additionally, support at $0.06 was retested at the beginning of September, indicating that reversal could soon begin.
However, after several attempts to break above $0.064 resistance, DOGE/USD saw further sideways momentum. After another higher local low was set early yesterday, bullish momentum returned overnight.
Dogecoin price did break higher this time, leading to a quick spike to $0.065. Further upside could not be sustained, immediately leading DOGE/USD back lower and past the previous low. Since then, the $0.06 major support is being tested, indicating that break even lower cloud follow over the rest of the week.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we have seen a strong reversal and drop below $0.06. Therefore, selling should continue overnight as the $0.058 next support is targeted next.