Dogecoin price analysis is bearish today, as we have seen further retrace and break past $0.0625 support. Therefore, we expect further decline later today, with the next target being the $0.061 mark.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.48 percent, while Ethereum 2 percent. Meanwhile, Dogecoin (DOGE) was the worst performer, with over 5.43 percent loss.
Dogecoin price movement in the last 24 hours: Dogecoin failed to reverse at $0.0625
DOGE/USD traded in a range of $0.06178 to $0.06571, indicating strong volatility over the last 24 hours. Trading volume has declined by 64 percent, totaling $408.46 million, while the total market cap trades around $8.265 billion, ranking the coin in 10th place.
DOGE/USD 4-hour chart: DOGE targets $0.061 next?
On the 4-hour chart, we can see a quick reaction back to $0.0625 over the last hours, likely as sellers take a pause before another push lower overnight.
Dogecoin price action has seen strong bullish momentum for most of the week. From the last support at $0.056, DOGE/USD rallied over 20 percent to $0.068, which means that a strong higher high was set.
Therefore, bulls have finally made a strong signal that the overall several month retrace might soon end. If we see a strong higher low set next week, another strong rally should follow, potentially leading above $0.07 by the end of September.
As a result, Dogecoin price action is expected to see further decline overnight. Since the $0.0625 support has already been broken, we expect DOGE/USD to soon drop towards the $0.061 and $0.06 levels. From there, reversal should follow later next week.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we have seen further support levels broken over the last 24 hours without a significant reaction higher. Likely, DOGE/USD will continue even lower overnight as a deeper retrace is needed after the previous major upswing.