Dogecoin price analysis: DOGE rejects upside again, ready to break below $0.0625?

Dogecoin price analysis is bearish today as we have seen failure to move even higher and resistance found at $0.065. Therefore, DOGE/USD is ready to continue lower and break past the $0.0625 support.

Cryptocurrency heat map. Source: Coin360

The market has traded mostly in the red over the last 24 hours. The leader, Bitcoin, gained 2.5 percent, while Ethereum lost 3.62 percent. Meanwhile, most of the top altcoins followed close by.

Dogecoin price movement in the last 24 hours: Dogecoin continued reversal

DOGE/USD traded in a range of $0.06288 to $0.06519, indicating substantial volatility over the last 24 hours. Trading volume has increased by 19.24 percent, totaling $402 million, while the total market cap traded around $8.44 billion, ranking the coin in 11th place overall.

DOGE/USD 4-hour chart: DOGE ready to continue lower?

On the 4-hour chart, we can see Dogecoin price action testing the $0.0625 after another rejection of upside, indicating that another drop will follow later in the week.

DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has seen a swift rally over the end of last week. From the previous swing low at $0.058, DOGE/USD rallied all the way to the $0.065 resistance, where the previous high was set.

Further upside did not follow as consolidation followed below the resistance. Further upside was quickly rejected, sending DOGE back to $0.0625 support yesterday. From there, DOGE rallied higher back to $0.065 resistance, where another rejection lower was seen.

Likely Dogecoin price action will continue lower as a result of weak buying, with the $0.0625 support likely to be broken soon. From there, DOGE/USD is ready to push even lower and retrace even further.

Dogecoin price analysis: Conclusion 

Dogecoin price analysis is bearish today as we have seen failure to continue higher and further consolidation over the last 24 hours. Therefore, DOGE/USD is ready to continue even lower and look to break past the $0.0625 support over the next days.

While waiting for Dogecoin to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.

Related Articles

Leave a Reply

Your email address will not be published.