Dogecoin price analysis: DOGE continues lower, slowly targets $0.058 next?
DOGE/USD failed to reverse yesterday.
Another move lower seen over the past hours.
Dogecoin price analysis is bearish today as we have seen consolidation below $0.061 and failure to recover. As a result, DOGE/USD spiked lower again, reaching below $0.059 support.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 1.51 percent, while Ethereum lost 4.66 percent. Meanwhile, the rest of the market has declined between the two majors.
Dogecoin price movement in the last 24 hours: Dogecoin fails to recover
DOGE/USD traded in a range of $0.05896 to $0.06142, indicating slight volatility over the last 24 hours. Trading volume has declined by 12.82 percent, totaling $356.84 million, while the total market cap traded around $7.9 billion, ranking the coin in 10th place overall.
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DOGE/USD 4-hour chart: DOGE targets $0.058 next?
On the 4-hour chart, we can see selling pressure still strong, indicating that further decline will follow overnight.
DOGE/USD 4-hour chart. Source: TradingView
Dogecoin price action attempted to break past the $0.065 resistance last week after another strong push higher. However, further upside could not be reached as DOGE/USD formed consolidation.
Further upside got rejected several times, eventually leading DOGE to break down and push past the $0.0625 support. After a strong push lower, support was found at $0.059, with another consolidation seen later.
However, Dogecoin failed to recover above $0.061, resulting in another move lower. This time, DOGE/USD spiked to $0.0585, with a slight reaction higher seen over the past hours. Likely selling pressure will return overnight and lead towards the $0.058 next support over the next days.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish today as we expect further downside to follow after failure to reverse yesterday. Likely, DOGE/USD will look to move towards the $0.058 next support if substantial bullish momentum does not return.
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