Dogecoin price analysis is bearish today as we have seen further retrace and a lack of reaction higher over the last 24 hours. Therefore, selling should soon continue, leading DOGE/USD past the $0.06 support.
The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, gained 0.18 percent, while Ethereum gained 0.43 percent. Meanwhile, Ripple (XRP) was the worst performer among the major altcoins, losing almost 7 percent.
Dogecoin price movement in the last 24 hours: Dogecoin pauses above $0.06
DOGE/USD traded in a range of $0.06005 to $0.06259, indicating low volatility over the last 24 hours. Trading volume has declined by 8.91 percent, totaling $369.6 million, while the total market cap trades around $8.1 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE looks to break $0.06?
On the 4-hour chart, we can see several tests of $0.06 support without no substantial reaction higher, indicating that further push lower will soon follow.
Dogecoin price action set a strong wave higher last week as the $0.068 mark was reached on Saturday, indicating a potential change in medium-term trend soon to come. From there, a reaction lower quickly followed as bears were eager to retrace some of the gains.
Some initial support was seen around $0.0625 yesterday, with further push lower seen by the end of the day. Next support at $0.06 was quickly reached overnight and has since been retested.
However, despite Dogecoin price action failing to break lower, we have seen further lower local highs, indicating that selling pressure still is strong. Likely, DOGE/USD will soon gather enough momentum to break past the $0.06 and look to spike towards $0.058 support.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we have seen several attempts to break higher while further local lower highs were set. Therefore, a break below $0.06 should follow overnight, opening the way for DOGE/USD to drop even further later in the week.