Dogecoin price analysis is bearish today, as we have seen a quick reaction to $0.063 resistance, from which DOGE quickly reversed later in the day. Likely, DOGE/USD will look to break the $0.06 support overnight and reach the $0.058 support next.
The market has traded mostly in the red over the last 24 hours. The leader, Bitcoin, lost 0.5 percent, while Ethereum gained 0.37 percent. Meanwhile, the rest of the top altcoins saw a slight decline.
Dogecoin price movement in the last 24 hours: Dogecoin reacts from $0.06
DOGE/USD traded in a range of $0.06019 to $0.06293, indicating substantial volatility over the last 24 hours. Trading volume has declined by 6.38 percent, totaling $330 million, while the total market cap trades around $8 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 Dogecoin price rapidly declining as sellers look to finally break the $0.06 support.
Dogecoin price action saw a strong wave higher last week. From the $0.056 support, DOGE/USD quickly gained over 20 percent, as it briefly peaked at $0.068.
From there, an immediate reaction lower was seen over the weekend, leading towards the $0.06 support early yesterday. Reaction higher followed overnight to today as sellers were exhausted for a moment, however, the $0.063 mark offered plenty of resistance.
Since then, Dogecoin price action has seen a reversal. DOGE/USD has declined back to $0.06 support and currently looks to break below. If further selling takes place overnight, we expect DOGE to break towards the $0.058 support.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we have seen a strong drop over the past days and only a slight reaction higher overnight. Therefore, we expect DOGE/USD to continue even lower over the next 24 hours and look to break to the $0.058 next support.