Dogecoin price analysis is bearish today as we have seen a strong lower local high followed by a quick reaction lower. As such, a few days of gains may be over and DOGE/USD is poised for a pullback next week.
Cryptocurrency heatmap. Source: Coin360
The market has been in the red for the past 24 hours. Leader bitcoin fell 0.63%, while ethereum fell more than 2%. Meanwhile, results in other markets were mixed, but mostly bearish.
Dogecoin price action over the past 24 hours: Dogecoin fails to retrace immediately
DOGE/USD is trading in a range of $0.114 to $0.1494, indicating a high volatility over the past 24 hours. Trading volume surged 152% to a total of $13.72 billion, while the total market capitalization was around $16 billion, placing it in 8th place overall.
DOGE/USD 4-hour chart: DOGE ready to break $0.118?
On the 4-hour chart, we can see the strong selling pressure of the past few hours, which could lead to a larger decline early next week.
DOGE/USD 4-hour chart. Source: TradingView
Dogecoin’s price action has been rallying strongly since the beginning of the week. After a clear break above the previous consolidation zone resistance at $0.061, DOGE/USD quickly rose to the $0.084 mark, where it set a strong swing high.
After a quick retracement to $0.072, DOGE made a higher low of $0.072 before reversing back shortly thereafter. On Friday, a slightly higher high was reached, leading to another consolidation above the previous high.
The reversal did not follow again, resulting in a sharp surge yesterday. Dogecoin rallied to resistance at $0.15 before a sharp decline. Another consolidation has since occurred that could eventually lead to a more severe retracement.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis today is bearish as we see a failure to continue higher this morning and a quick reaction lower. As such, DOGE/USD should start next week with further losses, possibly making another sharply higher low.
While waiting for further developments on Dogecoin, see our articles on Siacoin Wallet, Pi Wallet, and LTC Wallet Reviews.
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