Dogecoin price analysis is bearish today, as we have seen consolidation and failure to recover over the last 24 hours. Therefore, DOGE/USD is ready to decline further and push back towards the $0.056 support.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.12 percent, while Ethereum lost 0.32 percent as low volatility was seen across the board. The rest of the market traded in the red without no clear outliers.
Dogecoin price movement in the last 24 hours: Dogecoin continued to decline
DOGE/USD traded in a range of $0.05858 to $0.05932, indicating mild volatility over the last 24 hours. Trading volume has declined by 13.7 percent, totaling $156.5 million, while the total market cap traded around $7.79 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE prepares to decline further?
On the 4-hour chart, we can see selling pressure slowly taking over, likely leading to another drop lower later today.
Dogecoin price action has traded with steady selling pressure over the last days as further retrace continued from the previous major swing high at $0.067. DOGE/USD has since set a strong swing lower low as a spike to $0.0555.
From there, a quick reaction higher led back to the $0.061 resistance, where a local double top was formed. Since then, selling pressure has slowly returned, moving $0.058 support into consolidation.
Ever since then, Dogecoin price has traded within an increasingly tighter range, indicating that further swelling will soon continue. Likely, DOGE/USD will look to break past the $0.0555 previous swing low early next week as a result of bullish momentum.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we have seen lower local highs set over the last 24 hours, slowly leading towards another wave lower. Therefore, DOGE/USD will likely target the $0.0555 mark next and look to continue even lower the several-week decline.