Dogecoin price analysis is bullish today as we have seen a strong break above $0.061 previous resistance and rally towards the $0.0625 next resistance. However, further upside has not yet followed, indicating that DOGE/USD will likely move lower next.
The market has traded in the green over the last 24 hours. The leader, Bitcoin, has gained 3.21 percent, while Ethereum gained 3.22 percent. Meanwhile, Dogecoin (DOGE) outperformed the majors with over a 4 percent gain.
Dogecoin price movement in the last 24 hours: Dogecoin continued to retrace
DOGE/USD traded in a range of $0.05941 to $0.06232, indicating substantial volatility. Meanwhile, the trading volume has declined by 15.83 percent, totaling $214.4 million, while the total market cap trades around $8.19 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE reacts at $0.0625
On the 4-hour chart, we can see Dogecoin price action briefly testing $0.0625 resistance, likely leading to reversal tomorrow.
Dogecoin price action has traded towards setting a new lower low over the past days after a quick spike lower on Tuesday. After a slight reaction higher, DOGE/USD moved towards further lows, reaching the $0.058 support.
Reversal from there followed quickly, leading back towards previous resistance at $0.061. Overnight, DOGE quickly moved even higher until the $0.0625 resistance. However, no further upside has followed since.
Dogecoin price action has likely set another clear high, and bulls are exhausted. Therefore, another move can be expected over the next 24 hours, likely to retest previous lows.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bearish as we have seen a strong move to $0.0625, where resistance was found. From there, DOGE/USD has started to reverse and likely looks to move back towards previous lows.